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As on Aug 24, 2017 12:00 AM Your results on : Mid Session    
Market hits day's high on positive European signals
24-Aug-2017 (13:18)

Key benchmark indices hit fresh intraday high in afternoon trade following a positive opening in European market. At 13:20 IST, the barometer index, the S&P BSE Sensex rose 60.55 points or 0.19% at 31,628.56. The Nifty 50 advanced 12.35 points or 0.13% at 9,864.85.

Key indices opened the session with small gains. Later, indices hovered within a narrow range near the flat line amid lack of any positive cues. Market firmed up in afternoon trade following a positive opening in European market.

The S&P BSE Mid-Cap index rose 0.56%. The S&P BSE Small-Cap index advanced 0.52%. Both these indices outperformed the Sensex.

The breadth, indicating the overall health of the market, was positive. On the BSE, 1,372 shares rose and 1,041 shares declined. A total of 130 shares were unchanged.

Tata Power was up 1.21% to Rs 79.75. The company announced during trading hours today, 24 August 2017, that its wholly-owned subsidiary, Tata Power Solar Systems, has witnessed an increase in its net sales by 52% to touch a new height of Rs 2262 crore in FY 20I7 as compared to Rs 1490 crore in FY 2016. The company increased its revenue by more than two and a half times in just two years. The profit after tax also increased by 330% during FY 20I7, a remarkable achievement considering the fact that solar EPC is extremely low margin and the pressures faced by the domestic manufacturing sector.

A key strategy that drove this change was shifting from product focus to service focus (EPC). Up until 2012-13, Tata Power Solar core business was manufacturing with a sizable focus on lighting products and some share of thermal products. Subsequently,the company significantly increased focus on EPC, where it had built strong competencies, in a short span of time. The company became a strong contender in the utility as well as rooftop space and today Tata Power Solar is the leader in EPC for large utility projects. It has also been the biggest rooftop player for 4 years in a row.

Metal shares were mixed. JSW Steel (up 1.15%), Hindalco Industries (up 0.74%), Jindal Steel & Power (up 0.53%), Steel Authority of India (up 0.41%), Hindustan Copper (up 0.32%), Bhushan Steel (up 0.29%) and Tata Steel (up 0.22%), edged higher. NMDC (down 0.16%), National Aluminium Company (down 0.36%), Vedanta (down 0.7%) and Hindustan Zinc (down 1.06%), edged lower.

Meanwhile, copper price edged higher in the global commodities markets. High Grade Copper for September 2017 delivery was currently up 0.55% at $2.997 per pound on the COMEX.

Pharmaceutical shares were in demand. Wockhardt (up 8.38%), Cadila Healthcare (up 7.70%), Divi's Laboratories (up 4.12%), Lupin (up 3.86%), Sun Pharmaceutical Industries (up 3.47%), Aurobindo Pharma (up 3.36%), Glenmark Pharmaceuticals (up 3.33%), Strides Shasun (up 3.20%), Dr Reddy's Laboratories (up 2.34%), Piramal Enterprises (up 2.06%), Cipla (up 1.50%), IPCA Laboratories (up 1.23%) and GlaxoSmithKline Pharmaceuticals (up 0.78%), edged higher. Alkem Laboratories was down 0.29%.

Alembic Pharmaceuticals rose 1.65% to Rs 514 after the company said that it sold on slump sale basis its formulations manufacturing facility at Baddi. The announcement was made after market hours yesterday, 23 August 2017.

Alembic Pharmaceuticals said it sold on slump sale basis its formulations manufacturing facility at Baddi, District Solan, Himachal Pradesh to Scott Edil Pharmacia (SEPL), a company engaged in the business of pharmaceuticals products. SEPL does not belong to the promoter/promoter group/ group companies and is not related party of the company. The turnover and networth of the manufacturing facility for the last financial year vis-à-vis turnover and networth of the company is insignificant. The company continues to meet its domestic formulation demand from Sikkim unit and international formulation demand from its Panelav unit, Alembic Pharma added.

Shivalik Bimetal Controls jumped 6.19% to Rs 81.50 after the company said its board approved issue of bonus shares in the ratio 1:1, i.e., one bonus share for every one share held. The announcement was made after market hours yesterday, 23 August 2017.

On the macro front, the Union Cabinet chaired by the Prime Minister Narendra Modi yesterday, 23 August 2017, given in-principle approval for PSBs to amalgamate through an Alternative Mechanism (AM). The decision would facilitate consolidation among the Nationalised Banks to create strong and competitive banks.

The decision regarding creating strong and competitive banks would be solely based on commercial considerations. The proposal must start from the boards of banks. The proposals received from banks for in-principle approval to formulate schemes of amalgamation shall be placed before the Alternative Mechanism (AM). After in-principle approval, the banks will take steps in accordance with law and Sebi's requirements. The final scheme will be notified by Central Government in consultation with the Reserve Bank of India.

Overseas, European markets were trading higher ahead of the important meeting of central bankers as investors look for clues on the direction of monetary policy.

Asian stocks witnessed a mixed trend. US stocks closed lower yesterday, 23 August 2017 after President Donald Trump said he would be willing to let the government shut down if his border wall isn't funded. Delivering a warning to Democratic lawmakers who have objected to his plans to construct a wall along the US-Mexico frontier, Trump called them “obstructionists” and said that it was time for the US to crack down on illegal immigration.

In economic news, the Commerce Department said yesterday, 23 August 2017 that new home sales in US declined 9.4% to a seasonally adjusted annual rate of 571,000 units last month, the lowest level since December 2016.

Meanwhile, the annual Jackson Hole Economic Policy Symposium is scheduled tomorrow, 25 August 2017 in Wyoming. Representatives from the central banks of more than 40 countries will attend the annual gathering, hosted by the Federal Reserve Bank of Kansas City.

Lackluster trading on the bourses
24-Aug-2017 (12:14)
IT stocks nudge higher
24-Aug-2017 (11:17)
Bank, cement stocks edge lower
24-Aug-2017 (10:15)
Key indices edge higher in early trade
24-Aug-2017 (09:17)
Bank stocks nudge higher
23-Aug-2017 (14:26)
Market comes off day's high
23-Aug-2017 (13:15)
Pharma stocks gain
23-Aug-2017 (12:14)
IT, cement stocks trade mixed
23-Aug-2017 (11:15)
Market trades with modest gains
23-Aug-2017 (10:14)
Key indices edge higher in early trade
23-Aug-2017 (09:17)
Aviation stocks edge lower
22-Aug-2017 (14:14)
Sensex, Nifty hover in positive terrain
22-Aug-2017 (13:23)
Key indices trade with small gains
22-Aug-2017 (12:16)
Auto stocks drop
22-Aug-2017 (11:15)
Telecom stocks advance
22-Aug-2017 (10:15)
Market edges higher in early trade
22-Aug-2017 (09:17)
Weak market breadth
21-Aug-2017 (14:19)
Shares tumble on negative European cues
21-Aug-2017 (13:16)
Market breadth turns negative from positive
21-Aug-2017 (12:16)
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