Key benchmark indices were trading higher in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 108.90 points or 0.34% at 31,819.89. The Nifty 50 index was up 35.05 points or 0.36% at 9,862.20. Positive cues from Asian market boosted investors risk appetite.
Among secondary barometers,the BSE Mid-Cap index was up 0.39%. The BSE Small-Cap index was up 0.51%. Both these indices outperformed the Sensex.
The broad market depicted strength. There were more than three gainers against every loser on BSE. 897 shares rose and 276 shares fell. A total of 47 shares were unchanged.
Overseas, most Asian shares were trading higher as optimism on China's economy underpinned investors sentiment.
The US stock market ended mixed yesterday, 18 July 2017, but the Nasdaq Composite Index marked its first closing high since June. But the overall market was weighed by a slump in some of the US's biggest banks led by a decline in shares of Dow-component Goldman Sachs Group Inc. The S&P 500 index edged up 1.47 points to close at 2,460.61. The Nasdaq Composite Index rose 29.87 points, or 0.5%, to end at 6,344.31. The Dow Jones Industrial Average fell 54.99 points, or 0.3%, to finish at 21,574.73.
Hindustan Unilever was down 0.10% to Rs 1,157.05. The company's net profit rose 8.45% to Rs 1283 crore on 4.08% growth in total income to Rs 9335 crore in Q1 June 2017 over Q1 June 2016. The result was announced after market hours yesterday, 18 July 2017.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 14%. Profit after tax before exceptional items, PAT (bei), rose 15% to Rs 1292 crore. Under volatile market conditions, the company's domestic consumer business grew at 6% and underlying volume growth remained flat. During the quarter, trade sentiment remained cautious, particularly in the run up to GST implementation. Despite high promotional intensity, stock pipelines remained low and varied across categories, channels and geographies. In these challenging circumstances the company managed to deliver yet another quarter of resilient and profitable growth.
Harish Manwani, Chairman commented that both growth and margin improvement were delivered through a combination of sustained innovations, a comprehensive savings program and a relentless focus on execution in the market place. The company remains positive on the medium term outlook for the industry and will continue to drive consumer value, which also delivers profitable volume driven growth for the company.
Power Grid Corporation of India was up 0.56% to Rs 216.60. The company said that POWERGRID Kala Amb Transmission, wholly owned subsidiary of the company secured though Tariff Based Competitive Bidding (TBCB), has declared commissioning of its project on 12 July 2017. The announcement was made after market hours yesterday, 18 July 2017.
Ashok Leyland was up 1.56% to Rs 107.25. The company has formed a strategic alliance with SUN Mobility to develop electric mobility solutions. The announcement was made after market hours yesterday, 18 July 2017.
CRISIL was down 1.02% to Rs 1,937. The company's consolidated net profit rose 9.33% to Rs 67.25 crore on 7.26% growth in total income to Rs 415.79 crore in Q2 June 2017 over Q2 June 2016. The result was announced after market hours yesterday, 18 July 2017.
MOIL was up 1.09% to Rs 325.35. The company said that in terms of Cabinet Committee of Economic Affairs (CCEA) decision dated 16 January 2015, it has been decided by Government of India to offer upto 6.65 lakh equity shares of face value of Rs 10 each of MOIL to the eligible employees of MOIL at a discounted price of Rs. 346.75 (this price is at 5% discount to the cut off price of Rs 365 discovered in the offer for sale of shares of MOIL carried out by Government of India on 24 & 25 January 2017). The minimum and maximum number of equity shares which can be applied for by eligible employees is 10 and 576 equity shares, respectively. The announcement was made after market hours yesterday, 18 July 2017.
Glenmark Pharmaceuticals was up 0.40% to Rs 694.40. The company announced that it has entered into a development, license, manufacture and commercial supply agreement with Cyndea Pharma S.L., granting exclusive rights to use their technology for developing generic, soft-gelatin capsule formulations of certain pharmaceutical products.
Under this agreement, Glenmark receives exclusive rights to the United States and Canada markets for these soft-gelatin formulations in exchange for sharing development costs and profits from future sales. In addition, the agreement provides for the companies to add furthersoft-gelatin product candidates for development and commercialization, as new branded, softgelatin, capsule-based drug products become available in the marketplace. The announcement was made before market hours today, 19 July 2017.
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