Key benchmark indices were trading higher in early trade, tracking positive leads from the Asian market. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 201.32 points or 0.58% at 35,171.02. The Nifty 50 index was up 53.25 points or 0.50% at 10,745.55. The Sensex was trading above the psychologically important 35,000 mark after opening above that level.
The broad market depicted strength. There were more than two gainers against every loser on BSE. 811 shares rose and 324 shares fell. A total of 54 shares were unchanged.
Overseas, Asian stocks edged higher as investors focused on a mix of ebbing geopolitical tensions, robust earnings and economic data. US stock benchmarks closed out little changed on Friday, 27 April 2018, as investors expressed muted enthusiasm following strong corporate results.
Back home, Reliance Industries (RIL) was down 1.59%. On a consolidated basis, RIL's net profit rose 17.46% to Rs 9459 crore on 37.83% increase in net sales to Rs 116915 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours on Friday, 27 April 2018.
RIL achieved a consolidated revenue of Rs 430,731 crore ($66.1 billion), an increase of 30.5%, as compared to Rs 330180 crore in the previous year. Increase in revenue is primarily on account of higher volumes with start-up of petrochemicals projects and uptrend in prices of products in refining and petrochemical businesses. Product prices were led by 18% YoY increase in Brent oil price to $57.5/bbl. RIL's consolidated revenue was also boosted by robust growth in Retail and Digital Services business. Reliance Retail recorded a 105% surge in revenue to Rs 69,198 crore. RJIL's Wireless Telecommunication Network recorded revenue of Rs 23916 crore in its very first year of commercial operations. Exports (including deemed export) from India were higher at Rs 176117 crore ($27 billion) as against Rs 147755 crore in the previous year. Profit after tax was higher by 20.6% at Rs 36,075 crore ($5.5 billion) as against Rs 29901 crore in the previous year. Higher interest and depreciation charges with the commissioning of projects across businesses resulted in relatively lower growth in profit after tax.
InterGlobe Aviation was up 0.80%. The board of the company appointed Rahul Bhatia as the interim chief executive officer of the company. Bhatia will continue as a director of the company. The board accepted the resignation of Aditya Ghosh, president and whole time director of the company, from the post of president of the company effective 31 July 2018 and as a director of the company with effect from 26 April 2018. The announcement was made after market hours on Friday, 27 April 2018.
Axis Bank was down 1.74%. The bank said its board has approved a proposal to increase its borrowing limit up to Rs 2 lakh crore. The borrowings will be apart from deposits of money accepted from public in the ordinary course of its business, temporary loans repayable on demand or within six months from the date of the loan, if any, obtained from the bank's bankers, it said in a regulatory filing. The board also authorised Axis Bank to borrow/raise funds in Indian currency/foreign currency by issue of debt instruments up to an amount of Rs 35,000 crore. The announcement was made after market hours on Friday, 27 April 2018.
Tata Chemicals was up 0.98%. The Reserve Bank of India (RBI) on Friday, 27 April 2018, notified that the foreign share holdings by FPIs under Portfolio Investment Scheme in Tata Chemicals have gone below the prescribed threshold caution limit stipulated under the extant FDI Policy and FEMA regulations. Hence, the restrictions placed on the purchase of shares of the above company are withdrawn with immediate effect.
PC Jeweller was up 1.88%. The company said that a meeting of the board of directors of the company will be held on 25 May 2018, to consider the proposal for buyback of fully paid-up equity shares of the company. The announcement was made on Sunday, 29 April 2018.
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