Market opens higher on positive global cues

Key benchmark indices were trading higher in early trade, tracking positive leads from Asian markets. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 190.06 points or 0.62% at 30,654.98. The Nifty 50 index was up 56.20 points or 0.60% at 9,484.10.

Among secondary barometers,the BSE Mid-Cap index was up 0.48%. The BSE Small-Cap index was up 0.63%. Both these indices outperformed the Sensex.

The broad market depicted strength. There were more than three gainers against every loser on BSE. 1,043 shares rose and 324 shares fell. A total of 55 shares were unchanged.

Overseas, most Asian equities were trading higher, following the continued recovery on Wall Street last week. Investors shrugged off a weekend missile test by North Korea that raised further concerns on its ability to deliver a nuclear warhead as far as the US states of Hawaii and Alaska.

US stocks rose on Friday, 19 May 2017, but closed below their session highs on renewed concerns about Donald Trump's presidency, following two new media reports of possible coordination between Russia and Trump's election campaign.

Mahindra & Mahindra (M&M) was up 0.29%. The company announced that the company plans to invest directly and/or through its subsidiary(ies) in high-end electric powertrain technology as part of its plan for the future of mobility; and electrification of some of its existing and future products.

The investments will also be utilised towards increasing the capacity for electric powertrains and electric vehicles. The high end electric powertrains will be used for the Group's future line up of electric vehicles. As the pioneers of electric vehicles in the country, the Group is committed towards making electric vehicles more accessible in order to build a clean and green tomorrow.

The company's announcement is in line with its efforts to accelerate the transformation as well as be in-sync with the Government of India's thrust on promoting hybrid and electric mobility in the country, through the ambitious National Electric Mobility Mission Plan 2030. The announcement was made on Sunday, 21 May 2017.

Adani Ports and Special Economic Zone was up 0.73%. The company announced that Board of Directors at the meeting on 24 May 2017 will consider to raise funds by issue of equity shares/ convertible bonds through qualified institutional placement (QIP)/GDR/ADR/FCCBs/FCEBs/convertible securities.

The board will also consider issue secured/ unsecured redeemable non-convertible debentures on private placement basis. The board will consider issue of bonds which may be issued in one or more tranches, in India or overseas, and that may be listed in any one or more stock exchanges in India or overseas, provided that the total amount does not exceed $1.5 billion on private placement basis or otherwise, to any persons, entities, bodies corporate, companies, banks, financial institutions and any other categories of eligible investors permitted to invest in the Bonds under applicable laws. The announcement was made on Saturday, 20 May 2017.

VRL Logistics was down 5.09%. The company's net profit fell 29.72% to Rs 8.38 crore on 6.58% rise in total income to Rs 444.98 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours on Friday, 19 May 2017.

Bhushan Steel was up 1.08%. The company announced that it had participated in iron ore mine open bidding for the Kalmong West Block in Sundergarh district having a reserve of 92 million tonne and won the auction. The announcement was made after market hours on Friday, 19 May 2017.

Mahindra Holidays and Resorts India was up 4.20%. The company's net profit rose 4.5% to Rs 31.8 crore on 26.3% rise in total income to Rs 315.7 crore in Q4 March 2017 over Q4 March 2016. The announcement was made after market hours on Friday, 19 May 2017. The board approved 1 bonus issue of share for 2 shares held.

Camlin Fine Sciences was down 2.55%. The company's board at a meeting held on 19 May 2017 has approved to raise funds not exceeding Rs 250 crore by way of QIP/ GDR/ADR/FCCB/ other securities linked to equity/ preference shares/ convertible securities, subject to approval of shareholders. The board has appointed Santosh Parab as CFO of the company with effect from 10 May 2017. The announcement was made after market hours on Friday, 19 May 2017.

Hindustan Copper was up 0.73%. The company has prepared a feasibility report for a project to manufacture copper cathode from sulphide copper concentrate through a "State of the Art" Hydro-Metallurgy technology. The capacity of the proposed plant is 1 lakh tonne per annum at an estimated cost of Rs 3025 crore. The company has initiated process to obtain investment approval from CCEA, Govt. of India. The announcement was made after market hours on Friday, 19 May 2017.

Sun Pharma Advanced Research Company (SPARC) was up 0.31%. The company said it has received a Complete Response Letter (CRL) from the USFDA for its New Drug Application (NDA) for Elepsia XRTM, Levetiracetam extended-release tablets 1000 mg and 1500 mg. The CRL references the recent inspection of the Sun Pharmaceutical Industries (SPIL)'s Halol manufacturing site by USFDA and indicates that, satisfactory resolution of the deficiencies identified during the inspection is required before the final approval of Elepsia XRTM can be granted.

SPARC had out-licensed Elepsia XRTM to a subsidiary of Sun Pharmaceutical Industries in July 2016. As informed to the cmpany, SPIL is working with USFDA for resolving the cGMP deviations at the Halol facility and has taken several corrective measures. The announcement was made after market hours on Friday, 19 May 2017.

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