Key benchmark indices were trading higher in early trade, mirroring overnight rally on the Wall Street. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 126.23 points or 0.37% at 34,227.36. The Nifty 50 index was up 33 points or 0.32% at 10,491.65.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 861 shares rose and 356 shares fell. A total of 34 shares were unchanged.
Overseas, Asian shares were mixed. US stocks closed sharply higher on Thursday, as geopolitical concerns appeared to fade after President Donald Trump tweeted that a military strike on Syria may not be imminent. Escalating tensions over the Middle Eastern country were seen as a major contributor to weakness in Wednesday's session.
Back home, Reliance Industries (RIL) was up 0.59%. RIL has entered into agreements on 12 April 2018 to acquire 34,33,767 equity shares of Indiavidual Learning (Embibe), for cash consideration, translating to 72.69% shareholding of Embibe on a fully diluted basis. RIL has agreed to invest upto rupee equivalent of $180 million into Embibe, (including consideration to be paid for acquiring majority stake from existing investors) over the next three years. The announcement was made beforer market hours today, 13 April 2018.
Embibe is an emerging education technology provider incorporated in India on 28 August 2012. It has operations in India. Embibe operates an AI-based education platform that leverages data analytics to deliver personalized learning outcomes to each student.
Reliance Industrial Infrastructure was down 1.31%. The company's net profit dropped 65.21% to Rs 2.54 crore on 11.91% fall in total income to Rs 27.22 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 12 April 2018.
HCL Technologies (HCL) was down 0.14%. HCL and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Actian Corporation. The all-cash deal is valued at $330 million. HCL will own 80% while SEP will own approximately 20% stake of the JV entity which inturn will own 100% shareholding of Actian Corporation. The announcement was made after market hours yesterday, 12 April 2018.
Palo Alto-based Actian-a leader in hybrid data management, cloud integration, and analytics solutions-powers insight-driven enterprises around the globe to help them solve the toughest data challenges.
On macro front, the all-India general consumer price index (CPI) inflation eased marginally to five-month low of 4.28% in March 2018, compared with 4.44% in February 2018.
India's industrial production continued to record a healthy growth for the fourth straight month at 7.1% in February 2018 over February 2017. The manufacturing sector's production surged 8.7% in February 2018, contributing to the overall growth in industrial production. However, the growth of electricity generation output moderated to 4.5%, while the mining output declined 0.3% in February 2018.
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