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Market logs modest losses

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Key equity indices logged modest losses on selling pressure in index pivotals. The barometer index, the BSE Sensex, fell 151.45 points or 0.41% at 36,395.03, as per provisional closing data. The index was down 54.80 points or 0.5% at 10,888.80, as per provisional closing data. Broader market witnessed selling pressure.

Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade. Stocks cut losses in mid-morning trade. Key indices recovered further ground in early afternoon trade. Indices traded near day's low in afternoon trade. Key equity indices hovered in negative zone in mid-afternoon trade.

Broader market witnessed selling pressure. The BSE Mid-Cap index fell 1.47%. The BSE Small-Cap index fell 1.51%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 841 shares rose and 1709 shares fell. A total of 162 shares were unchanged.

rose 2.2% after consolidated net profit rose 54.33% to Rs 1753.07 crore on 22.33% rise in net sales to Rs 40457.11 crore in Q3 December 2018 over Q3 December 2017. Consolidated adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 27% to Rs 7,225 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Commenting on the results, TV Narendran said despite a sharp drop in international steel prices, was able to maintain its overall realizations and increase its volumes significantly in The integration of BSL continues and its 5 MTPA expansion at Tata Steel Kalinganagar is also making good progress. The company is also looking forward to enhancing its long products and downstream capability through the acquisition of the 1 business of

The phase II review of the TSE JV is ongoing and the company is closely working with the to facilitate the same. In line with the company's strategy of divesting non-core assets and focusing on India, the firm has announced a divestment of a 70% stake in its SEA business and it continues to work on exploring similar opportunities across its portfolio.

dropped 5.58%. announced that the audit of its formulations manufacturing plant - 3 at Bachupally, by the (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations. The company said it will address them comprehensively within the stipulated timeline. The announcement was made after market hours on Friday, 8 February 2019.

(RIL) fell 1.83%. RIL announced that (RBL), a subsidiary of the company, has acquired a further stake of 2.5% in Design (Future101) on 7 February 2019, for a consideration of Rs. 1.99 crore, taking its total stake in to 15%.

(RRVL), a subsidiary of the company has acquired a further stake of 9.44% on 7 February 2019 in (GCL), for a consideration of Rs 45 crore taking its total stake in to 29.07% on the enhanced capital of Consequently, the stake of in shall be 43.66% and the aggregate equity shareholding of RRVL and in GCL stands at 72.73%.

The acquisitions will help the company to strengthen its footage in the and support its long term strategy to enhance its value in the No regulatory approvals were required for the said acquisition of shares. The investment does not fall within related party transaction for the Company and none of RIL's / group / group have interest in the above entities. The announcement was made after market hours on Friday, 8 February 2019.

(TCS) rose 0.21%. during market hours today announced a global partnership with JDA Software, the leading provider of end-to-end and retail solutions, to build next-generation cognitive solutions, and offer consulting and around digital technologies, to optimize for customers worldwide

shed 0.03%. The company announced the signing of an agreement by its subsidiary, ("Airtel Kenya") with ("Kenya") for merging their respective mobile, enterprise and in to operate as - 'Airtel- Telkom'. The finalisation and closure of the transaction is subject to approval by the relevant authorities.

As per the agreement, both the partners will combine their operations in Kenya and establish an entity with enhanced scale, operational efficiency and strategic brand presence. The entity will invest in networks to further accelerate roll out of future technologies. The enterprise and should benefit from a larger fibre footprint and an increased number of enterprise customers - including both large corporations and SMEs who would have access to a diverse portfolio of world-class solutions. The announcement was made after market hours on Friday, 8 February 2019.

(BPCL) fell 1.13%. BPCL's net profit declined 76.90% to Rs 495.14 crore on 30.59% rise in net sales to Rs 79168.84 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 8 February 2019.

Overseas, European stocks were trading higher Monday, with market participants looking ahead to a fresh round of US-trade talks this week. The latest set of trade talks will take place in from Monday. It comes after discussions in last week concluded without a deal. Both sides are trying to secure a comprehensive trade agreement ahead of a March 1 deadline when U.S. tariffs on $200 billion worth of Chinese imports are scheduled to increase to 25% from 10%.

In Europe, with Brexit just 47 days away, the has reportedly asked lawmakers on Sunday to give more time to rework her divorce deal with the said Parliament would get to pass judgment on May's Brexit plan no later than February 27. Britain is due to leave the EU on March 29, but Parliament has rejected May's divorce bill, leaving the to seek changes from the EU.

Asian stocks were mixed on Monday as concerns over global growth and US-trade talks kept investors cautious. Markets in and Taiwan, reopened after a weeklong Lunar New Year break. Japanese markets were closed for a holiday.

US stocks bounced off intraday lows to close mostly higher Friday as late afternoon buying offset pressure from lingering fears over U.S-China trade tensions.

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

First Published: Mon, February 11 2019. 15:35 IST