Key benchmark indices were trading higher in early trade, tracking positive cues in Asian market. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 121.23 points or 0.46% at 26,487.91. The Nifty 50 index was up 40.85 points or 0.51% at 8,110.50.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 631 shares rose and 237 shares fell. A total of 38 shares were unchanged. The BSE Mid-Cap index was currently up 0.43%. The BSE Small-Cap index was currently up 0.36%. Both these indices underperformed the Sensex.
In the overseas markets, most Asian equities shrugged off a lackluster session in the US, rising for a third day amid speculation that weakness in Japan's economy will cause a planned sales-tax increase to be delayed. The yen held gains against the dollar after data showing a second month of consumer-price declines ramped up pressure on the Bank of Japan. US equities took a breather yesterday, 26 May 2016, following their steepest two-day advance since March, with investors looking to economic reports and crude prices for clues as to whether the world can withstand higher interest rates from the Fed. Latest data showed that US jobless claims fell for a second week, pending home sales rose the most since 2010, and orders for business equipment unexpectedly declined for a third month.
BPCL was up 6.75%. The company's net profit fell 10.64% to Rs 2549.08 crore on 13.55% decline in total income to Rs 44891.65 crore in Q4 March 2016 over Q4 March 2015. The result was announced after market hours yesterday, 26 May 2016. The average gross refining margin (GRM) for Q4 March 2016 fell to $6.30 per barrel from $ 7.85 per barrel in Q4 March 2015. BPCL said that the board of directors recommended issue 1:1 bonus issue. The company has fixed 11 July 2016 as the record date for the bonus issue.
NTPC was up 0.43%. The company said that it has decided to raise Rs 1072.50 crore through private placement of secured non-convertible debentures at a coupon of 8.10% per annum. with a door to door maturity of 15 years today, 27 May 2016. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects including recoupment of expenditure already incurred. NTPC also informed that it has opened Pakri-Barwadih coal mining project (Western Pit).
Power Grid Corporation of India was down 0.30%. The company's net profit rose 13.2% to Rs 1599.05 crore on 21.42% rise in total income to Rs 5961.49 crore in Q4 March 2016 over Q4 March 2015. The result was announced after marke hours yesterday, 26 May 2016.
Sun Pharmaceutical Industries was up 3.19%. The company announced after market hours yesterday, 26 May 2016 that the parties have terminated the umbrella agreement as well as the transaction agreements executed between Daiichi Sankyo Company, Daiichi Sankyo (Thailand). Ranbaxy, Ranbaxy (Netherlands) B.V., Ranbaxy UNICHEM Company, Ranbaxy (Thailand) Company due to divestment of Ranbaxy by Daiichi Sankyo Company. The parties had entered into a Termination Agreement on 26 May 2016 and agreed that the umbrella agreement as well as the executed transaction agreements will be terminated with effect as of the closing date, subject to the condition precedent of the occurrence of certain closing conditions as mutually agreed between the parties. Further, there is no material impact of such termination on either standalone or consolidated operations/ financial operations on Sun Pharma. Additionally, the termination agreement does not apply to, or have an impact upon, other business relationship that the parties to the termination agreement may have in force.
Jet Airways (India) was up 3.09%. The company posted a net profit of Rs 397.16 crore in Q4 March 2016 as compared to net loss of Rs 1728.99 crore in Q4 March 2015. Total income increased 3.04% to Rs 5451.28 crore in Q4 March 2016 over in Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.
Neyveli Lignite Corporation was up 1.06%. The company's net profit declined 34.06% to Rs 446.24 crore on 5.68% rise in total income to Rs 1964.58 crore in Q4 March 2016 over Q4 March 2015. The announcement was made after market hours yesterday, 26 May 2016.
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