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Key indices edge higher in early trade

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Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P was up 50.77 points or 0.18% at 27,724.37. The 50 index was currently up 19 points or 0.22% at 8,602.40.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains on Friday, 14 October 2016, as investors digested commentary from key Federal Reserve officials while parsing through strong bank earnings and US economic data.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 829 shares rose and 359 shares declined. A total of 58 shares were unchanged. The Mid-Cap index was currently up 0.17%, underperforming the Sensex. The Small-Cap index was currently up 0.34%, outperforming the Sensex.

Meanwhile, data released by the government after market hours on Friday, 14 October 2016 showed that India's trade deficit narrowed to $8.34 billion in September 2016, from $10.17 billion a year earlier. Imports declined 2.54% to $31.22 billion. Exports rose 4.62% to $22.88 billion.

Shares of public sector oil marketing companies (PSU OMCs) edged higher after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight of 15 October/16 October 2016. IOCL (up 0.51%), BPCL (up 0.58%) and HPCL (up 0.44%) gained. IOCL announced increase in selling price of petrol by Rs 1.34 per litre (excluding State levies) and increase in selling price of diesel by Rs 2.37 per litre (excluding State levies).

HDFC was down 0.92% at Rs 1,307. The company after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) was down 0.54% at Rs 1,349.70. The company announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

State Bank of India (SBI) rose 0.71% at Rs 253.70 after the bank said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016, approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

ICICI Bank was up 3.62% at Rs 250.60. The bank announced after market hours on Friday, 14 October 2016 that its board of directors at a meeting held on 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of ICICI Bank subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve Bank of India (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, ICICI Bank said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Key indices edge higher in early trade

Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P BSE Sensex was up 50.77 points or 0.18% at 27,724.37. The Nifty 50 index was currently up 19 points or 0.22% at 8,602.40.

Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P was up 50.77 points or 0.18% at 27,724.37. The 50 index was currently up 19 points or 0.22% at 8,602.40.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains on Friday, 14 October 2016, as investors digested commentary from key Federal Reserve officials while parsing through strong bank earnings and US economic data.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 829 shares rose and 359 shares declined. A total of 58 shares were unchanged. The Mid-Cap index was currently up 0.17%, underperforming the Sensex. The Small-Cap index was currently up 0.34%, outperforming the Sensex.

Meanwhile, data released by the government after market hours on Friday, 14 October 2016 showed that India's trade deficit narrowed to $8.34 billion in September 2016, from $10.17 billion a year earlier. Imports declined 2.54% to $31.22 billion. Exports rose 4.62% to $22.88 billion.

Shares of public sector oil marketing companies (PSU OMCs) edged higher after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight of 15 October/16 October 2016. IOCL (up 0.51%), BPCL (up 0.58%) and HPCL (up 0.44%) gained. IOCL announced increase in selling price of petrol by Rs 1.34 per litre (excluding State levies) and increase in selling price of diesel by Rs 2.37 per litre (excluding State levies).

HDFC was down 0.92% at Rs 1,307. The company after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) was down 0.54% at Rs 1,349.70. The company announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

State Bank of India (SBI) rose 0.71% at Rs 253.70 after the bank said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016, approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

ICICI Bank was up 3.62% at Rs 250.60. The bank announced after market hours on Friday, 14 October 2016 that its board of directors at a meeting held on 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of ICICI Bank subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve Bank of India (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, ICICI Bank said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Key indices edge higher in early trade

Key benchmark indices edged higher in early trade. At 9:16 IST, the barometer index, the S&P was up 50.77 points or 0.18% at 27,724.37. The 50 index was currently up 19 points or 0.22% at 8,602.40.

In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks registered small gains on Friday, 14 October 2016, as investors digested commentary from key Federal Reserve officials while parsing through strong bank earnings and US economic data.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 829 shares rose and 359 shares declined. A total of 58 shares were unchanged. The Mid-Cap index was currently up 0.17%, underperforming the Sensex. The Small-Cap index was currently up 0.34%, outperforming the Sensex.

Meanwhile, data released by the government after market hours on Friday, 14 October 2016 showed that India's trade deficit narrowed to $8.34 billion in September 2016, from $10.17 billion a year earlier. Imports declined 2.54% to $31.22 billion. Exports rose 4.62% to $22.88 billion.

Shares of public sector oil marketing companies (PSU OMCs) edged higher after Indian Oil Corporation (IOCL) increased petrol and diesel prices with effect from midnight of 15 October/16 October 2016. IOCL (up 0.51%), BPCL (up 0.58%) and HPCL (up 0.44%) gained. IOCL announced increase in selling price of petrol by Rs 1.34 per litre (excluding State levies) and increase in selling price of diesel by Rs 2.37 per litre (excluding State levies).

HDFC was down 0.92% at Rs 1,307. The company after market hours on Friday, 14 October 2016 announced that it has closed the issue of rupee denominated bonds to overseas investors aggregating to an amount up to Rs 500 crore. The yield to investor is 7.25% per annum payable semi-annually. Maturity date is 9 January 2020.

Mahindra & Mahindra (M&M) was down 0.54% at Rs 1,349.70. The company announced on 15 October 2016 regarding the transfer of Franchisee Division of Mahindra Retail, a subsidiary of the company on a slump sale basis to BrainBees Solutions. The total lump sum consideration for the transfer of Franchisee Division on a slump sale basis is Rs 362.10 crore. The two largest retail players in the largely unorganised $12 billion baby and kids market in India, FirstCry.com (BrainBees Solutions) and Mahindra Retail (BabyOye), have consolidated their business activities to create a dominant presence in this segment. In terms of the structure of the transaction, Mahindra Retail and FirstCry have consolidated their operations, with Mahindra Retail selling its Franchise business to FirstCry, and operating all company stores under a FirstCry master franchisee agreement. FirstCry additionally raises $34 million of new equity capital from the Mahindra Group, Adveq (a large private equity fund), Kris Gopalakrishnan and participation from all existing shareholders.

State Bank of India (SBI) rose 0.71% at Rs 253.70 after the bank said that the Executive Committee of the Central Board (ECCB) at its meeting held on 14 October 2016, approved to dilute upto 5% stake of SBI in SBI Life to a non-promoter entity. The announcement was made after market hours on Friday, 14 October 2016.

ICICI Bank was up 3.62% at Rs 250.60. The bank announced after market hours on Friday, 14 October 2016 that its board of directors at a meeting held on 14 October 2016, approved the appointment of Anup Bagchi, presently Managing Director & CEO, ICICI Securities, as Executive Director of ICICI Bank subject to regulatory approvals for a period of five years effective 1 February 2017 or the date of approval of his appointment by the Reserve Bank of India (RBI), whichever is later. Anup Bagchi has been with the ICICI Group since 1992 and has worked in the areas of retail banking, corporate banking and treasury. During his tenure at ICICI Securities, he has led the growth and development of the retail broking, retail financial product distribution and wealth management businesses, ICICI Bank said. Bagchi is not related to any other director of the bank, it added.

The board also took on record, the resignation of Rajiv Sabharwal, Executive Director consequent to his decision to pursue opportunities outside the ICICI Group, effective 31 January 2017. The board also took note of other incidental changes to the senior management positions across the ICICI Group.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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