Key indices opened higher on positive Asian cues. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 331.62 points or 0.67% at 41,547.76. The Nifty 50 index was up 94.40 points or 0.78% at 12,202.30.
The S&P BSE Mid-Cap index was up 0.38%. The S&P BSE Small-Cap index was up 0.27%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 650 shares rose and 310 shares fell. A total of 41 shares were unchanged.
On the economic front, Industrial Production for December 2019 and inflation rate for January 2020 will be declared today, 12 February 2020.
Q3 earnings impact:
Among stocks, Ircon International rose 3.31%. Ircon International reported 52.51% jump in consolidated net profit to Rs 142.43 crore on 0.74% fall in total income to Rs 1,255.14 crore in Q3 December 2019 over Q3 December 2018. The company declared an interim dividend of Rs 13.45 per share (134.50%) and has recommended splitting of the company's one (1) equity share of face value of Rs 10/- each into five (5) equity shares of face value of Rs 2 each, subject to shareholders approval.
Coal India advanced 1.39%. Coal India reported 14.08% fall in consolidated net profit to Rs 3923.87 crore on 6.13% fall in total income to Rs 24603.24 crore in Q3 December 2019 over Q3 December 2018.
Cochin Shipyard was up 2.73%. Cochin Shipyard reported 32.34% jump in consolidated net profit to Rs 169.81 crore on 23.89% rise in total income to Rs 950.35 crore in Q3 December 2019 over Q3 December 2018.
Bharat Heavy Electricals slumped 2.46%. Bharat Heavy Electricals reported 17.21% rise in consolidated net profit to Rs 162.67 crore on 22.91% fall in total income to Rs 5837.65 crore in Q3 December 2019 over Q3 December 2018.
CESC was up 1.57%. CESC reported 12.18% rise in consolidated net profit to Rs 267.00 crore on 7.00% fall in total income to Rs 2563.00 crore in Q3 December 2019 over Q3 December 2018. The board of directors has declared an Interim Dividend of Rs 20 per share (200%) for the year 2019-20.
Stocks in news:
IndusInd Bank shed 1.74%. IndusInd Bank said Moody's Investors Service has revised outlook on the bank's rating to negative versus stable.
CARE Ratings was down 1.34%. CARE Ratings informed that due to personal reasons Shri. S B Mainak, Chairman & Independent Director of the company has tendered his resignation with effect from 11 February 2020.
Glenmark Pharmaceuticals fell 0.51%. Glenmark Pharmaceuticals said that the board of directors of the company, at its meeting scheduled on 14 February 2020 will, consider and evaluate proposals for raising of funds.
Overseas, most Asian stocks were trading higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary.
In US, the S&P 500 and Nasdaq notched record closes on Tuesday, but the Dow finished virtually unchanged. Investors attributed optimism surrounding equities to signs of a slowdown of new cases of COVID-19 in China, while the top Federal Reserve chief reportedly saying the central bank is monitoring the economic impact of the viral outbreak.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)