Key benchmark indices languished near the flat line in morning trade. At 10:15 IST, the barometer index, the S&P BSE Sensex, rose 13.25 points or 0.04% at 34,456.44. The Nifty 50 index was almost unchanged at 10,637.15. The Sensex had hit a record high in early trade.
The breadth, indicating the overall health of the market, was positive. On the BSE, 1,395 shares advanced and 949 shares declined. A total of 92 shares were unchanged.
Power generation and power distribution stocks advanced. Torrent Power (up 3.11%), CESC (up 2.4%), Adani Power (up 1.96%), GMR Infrastructure (up 1.41%), JSW Energy (up 1.12%), Reliance Infrastructure (up 0.93%), Jaiprakash Power Ventures (up 1.1%), Tata Power Company (up 0.61%), Reliance Power (up 0.35%) and NTPC (up 0.26%) edged higher. NHPC (down 0.76%) edged lower.
Power Grid Corporation of India (PGCIL) rose 0.37% at Rs 201.45 after the company announced that its board approved investment for transmission system for ultra mega solar power park at Tumkur (Pavagada), Karnataka - Phase-II Part-C at an estimated cost of Rs 92.13 crore with commissioning schedule of 20 months from the date of investment approval.
The announcement was made after trading hours yesterday, 9 January 2018.
Infosys was down 0.51% at Rs 1,036. The company announced the successful conclusion of an advance pricing agreement (APA) with the US Internal Revenue Service (IRS). The APA will enhance predictability of the company's tax obligations in respect of its US operations. The company expects to reverse tax provisions of about $225 million made in previous periods which are no longer required. Further, the company expects to payout about $233 million due to the difference between the taxes payable for prior periods as per the APA and the actual taxes paid for such periods. This amount is expected to be paid over the next few quarters, Infosys said in a statement.
The reversal of the tax provisions will have a positive impact on the consolidated basic EPS for the quarter ending 31 December 2017 by about $0.1. The company also expects its overall effective tax rate to be lower by about 100 basis points for future periods covered under the APA. The announcement was made after market hours yesterday, 9 January 2018.
Overseas, Asian stocks were mixed. US equities rose to record highs yesterday, 9 January 2018 as investors remained optimistic about the market heading into the corporate earnings season.
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