Key benchmark indices were trading higher in early trade on positive global cues. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 187.12 points or 0.57% at 33,136.33. The Nifty 50 index was up 49.80 points or 0.49% at 10,216.50.
The broad market depicted strength. There were more than four gainers against every loser on BSE. 1,098 shares rose and 272 shares fell. A total of 44 shares were unchanged.
Overseas, Asian stocks were trading higher following a broad-based rally in US equities. Japan's economy grew at a much faster pace than initially estimated in the July-September quarter. The nation's gross domestic product grew at an annualized pace of 2.5% from the previous three months, according to government data released Friday.
US stocks closed higher Thursday, with the S&P 500 snapping a four-session losing streak on the back of gains in the technology, industrials and materials sectors. Traders looked ahead to the monthly jobs report due Friday. Initial US jobless claims, a way to measure layoffs, fell by 2,000 to 236,000 in the seven days ended 2 December 2017. The S&P 500 index rose 0.29%, while the Dow Jones Industrial Average added 0.29%, to 24,211.48. The tech-heavy Nasdaq Composite Index rose 0.54%.
Back home, GAIL (India) was up 0.34%. The company has awarded contracts for laying 520 kms pipeline connectivity from Dobhi (in Bihar) to Durgapur (in West Bengal) including 120 kms line to Jamshedpur (in Jharkhand). With these awards, major contracts for Phase-II of the Jagdishpur- Haldia and Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project, have been finalised. The prestigious 2655 km long JHBDPL project, also known as the 'Pradhan Mantri Urja Ganga' project will pass through the state of Uttar Pradesh, Bihar, Jharkhand, West Bengal and Odisha.
With these, the activities of Phase II of JHBDL and city gas projects en-route the pipeline will also gain momentum and the company is committed to complete the project within the project cost and schedule. The announcement was made after market hours yesterday, 7 December 2017.
Power Finance Corporation (PFC) was up 1.01%. The company said that the company has successfully closed the deal for issuance of $400 million Green Senior Unsecured Notes offering at a fixed rate coupon of 3.75% from the international debt capital markets under Regulation S of the U.S. Securities Act of 1933 (as amended) on 6 December 2017 and completed the formalities for listing at Singapore Exchange (SGX-ST) and International Securities Market segment of the London Stock Exchange. The announcement was made after market hours yesterday, 7 December 2017.
Tube Investments of India was up 3.98%. The company entered into separate Shareholders' Agreements with Shuyuan Gan, promoter and 100% shareholder of Great Cycles and Creative Cycles, both situated in Colombo, Sri Lanka, for acquiring from him 80% of the issued and subscribed share capital of each of the two companies for an aggregate consideration of $3.34 million. The announcement was made after market hours yesterday, 7 December 2017.
These two companies are engaged in the manufacture of premium bicycles and the present acquisition in the target companies by the company from Shuyuan Gan is part of the company's strategy for securing the backend supply chain in the mass premium and super premium segments for its bicycles division viz., TI Cycles of India, Tube Investments of India said.
ICICI Bank was up 1.14%. The bank acting through its DIFC (Dubai) branch, priced an issuance of 10 year fixed rate notes for an aggregate principal amount of $500 million. The notes were sold under the 144A/RegS format. The notes carry a coupon of 3.80% and were offered at an issue price of 99.728. The announcement was made after market hours yesterday, 7 December 2017.
Canara Bank was up 0.46%. The bank said that its board meet is scheduled on 12 December 2017 to consider capital raising through additional tier I capital instruments (AT-I bonds in rupee terms. The announcement was made after market hours yesterday, 7 December 2017.
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