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Market trades with minor gains

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Key benchmark indices were trading with small gains in early trade. At 9:20 IST, the barometer index, the S&P Sensex, was up 39.12 points or 0.12% at 31873.11. The 50 index was up 12.95 points or 0.13% at 9,997.75.

Among secondary barometers,the Mid-Cap index was up 0.18%. The Small-Cap index was up 0.45%. Both these indices outperformed the

The broad market depicted strength. There were almost two gainers against every loser on BSE. 1,047 shares rose and 525 shares fell. A total of 49 shares were unchanged.

Overseas, Asian equities were trading higher after US stocks hit record highs, while the dollar extended losses following the latest minutes from the US Federal Reserve.

US equities settled higher on Wednesday as gains in the utilities, technology and oil & gas sectors boosted shares. The Dow Jones Industrial Average gained 0.18% to hit a new all time high, while the S&P 500 index added 0.18%, and the NASDAQ Composite index climbed 0.25%.

Minutes from the US Federal Reserve's policy-setting gathering in September indicated a desire to increase rates one additional time despite low inflation. Some Fed policy members expressed concerns about inflation running below its 2% annual target, while others worried that waiting for inflation to normalize policy could lead to an overheated market.

Back home, Hero MotoCorp was up 0.74%. The company said that riding on robust sales of range of motorcycles and scooters, the company has set a new global record, clocking 2 million unit sales in the just-concluded second quarter (July to September) of this financial year (FY 2017-18). This is the first time globally, that any two-wheeler company has crossed the 2 million sales mark in any quarter, Hero MotoCorp said. The announcement was made after market hours yesterday, 11 October 2017.

Ashok Bhasin, Head of Sales, Marketing and Customer Care, Hero MotoCorp, said that the company's overall strategy for the festive season has been integrated with the customer activation initiatives for the FIFA U-17 World Cup. Under this strategy, the company has rolled out innovative consumer engagement programmes like the Trophy Tour and has reached out to targeted consumer groups through the print, television, digital and social media platforms.

ICICI Bank was down 0.73%. The bank said that the Committee of Executive Directors of the bank, in the meeting held on 10 May 2017, had approved the offshore borrowing plan for the financial year 2017-18. The bank, under its GMTN programme, acting through its DIFC (Dubai) branch, tapped its existing 3.25% Fixed Rate Notes maturing September 2022, for an amount of $150 million on a private placement basis. With this, the outstanding amount under this Notes would be $650 million. The notes would be listed on the Singapore Stock Exchange. The announcement was made after market hours yesterday, 11 October 2017.

HCL Infosystems was up 1.33%. The company said that a meeting of the Rights Issue Committee of the Board of the Company is scheduled to be held on 14 October 2017 to consider rights issue size, fix the rights issue price and ratio for rights entitlements and fix the record date for the purpose of rights issue. The announcement was made after market hours yesterday, 11 October 2017.

Tata Steel was up 0.73%. The company announced expiry of share purchase agreement with Aryan Mining and Trading Corpn (AMTC) and companies in the Moorgate Industries Group to acquire 100% of Brahmani River Pellets. In the absence of clear approvals, shares could not in company's opinion be transferred with a clear title. The announcement was made after market hours yesterday, 11 October 2017.

L T Foods was up 1.44%. The company announced that its subsidiary L T Foods Americas is inaugurating Ready to Heat facility in Houston to manufacture Organic Ready to Heat rice products. The announcement was made after market hours yesterday, 11 October 2017.

DCB Bank was up 0.13%. The bank announced the launch of 310th branch at Paralakhemundi, Odisha on 11 October 2017. The announcement was made after market hours yesterday, 11 October 2017.

Sun Pharmaceutical Industries was up 2.63%. The company said that the USFDA inspection at the company's Dadra facility is closed. In this respect the company received a communication from the USFDA releasing a copy of the Establishment Inspection Report (EIR) in respect of the above inspection based upon responses to the said observation letter. EIR is issued to the entity when the USFDA concludes that an inspection is closed under Title 21 Section 20.64 (d) (3) of Code of Federal Regulation.

On 21 April 2017 the company had clarified on the USFDA inspection at the company's Dadra facility wherein it had indicated that the company was then in the process of responding to the Form-483 observation letter issued by the USFDA post the inspection completed on 13 April 2017. The company had further stated that if there are any material developments related to this inspection, the company will promptly inform the stock exchanges.

NBCC (India) was up 1.72%. The company said it awarded the contract for construction of multi storey commercial space at GPRA Colony, Nauroji Nagar, New Delhi on design, engineering, procurement and construction (EPC) basis to NCC (NCC - State Construction Integrated Works (SCIW) of Administrative Department of Verkhovna Rada, Ukraine - JV) for around Rs 1949 crore with completion period of 2 years.

NBCC will get project management consultancy fee on the project cost at 8% and revenue booking from the project will start from October, 2017. The announcement was made after market hours yesterday, 11 October 2017.

Indiabulls Ventures was up 2.94%. IVL Finance, a 100% subsidiary of Indiabulls Ventures has developed a mobile app for instant personal loan disbursals to new customers. It is an innovative product, first of its kind, where a personal loan is disbursed in a matter of 3 minutes. Backbone of app is unique Aadhar number of customer, which is further linked to customer's bank account & PAN. The announcement was made after market hours yesterday, 11 October 2017.

App will transform personal loans' lending with Aadhar enabling crucial elements such as e-signature, e-payments, online EMI repayment mandates & online customer verification. Advanced analytical tools developed by Indiabulls, allow construction of credit & behavioural scorecards & customer is given an Indiabulls score which determines loan approval & interest rate to be offered. All this analysis happens in minutes. App will be tested through offerings to select customers from tomorrow onwards & will have a pan-India commercial launch shortly. (for full details, please refer the complete version of attached intimation).

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

First Published: Thu, October 12 2017. 09:29 IST