A bout of volatility was seen in early trade as the key benchmark indices reversed initial gains to sink in negative zone. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 87.73 points or 0.23% at 38,224.79. The Nifty 50 index was down 19.10 points or 0.16% at 11,563.25.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 647 shares rose and 863 shares fell. A total of 58 shares were unchanged.
Overseas, most Asian stocks fell amid continuing concerns about stability in emerging markets and prospects for escalating US-China trade tensions. US markets were closed yesterday, 3 September 2018 for the Labor Day holiday.
Among stocks, Persistent Systems rose 1.79% after the company announced that its US subsidiary, Persistent Systems Inc., has acquired Herald Technologies Inc. (or Herald Health), a start-up in the US, created to transform the data overload swamping healthcare professionals into clear and actionable insights. Herald Health is focused on implementation of proprietary platforms and related IT services for the healthcare industry.
The acquired business will strengthen Persistent's IP led offerings in the healthcare domain and create a number of cross-sell opportunities. The enterprise value payable for the acquisition of 100% shares of Herald is $5.2 million, subject to customary adjustments for working capital. The announcement was made after trading hours yesterday, 3 September 2018.
Jet Airways (India) dropped 2.77% after the company announced that credit ratings firm, ICRA, has revised the long term rating (assigned to long term loans and non-convertible debentures) to [ICRA] BB (pronounced ICRA double B) (negative outlook) from [ICRA] BB+ (pronounced ICRA triple B plus) (negative outlook). The short term rating has been revised to [ICRA] A4 (pronounced ICRA A four) from [ICRA] A4+ (pronounced ICRA A four plus).
ICRA considered significant increases in jet fuel prices and no corresponding increase in air fares, which impacted the financial performance of the company, leading to the rating downgrade. The announcement was made after trading hours yesterday, 3 September 2018.
Yuken India rose 0.85%. Yuken India said that it has fixed Friday, 14 September 2018, as the record date for the purpose of determining the eligibility of members for issuance of bonus shares. The company will issue three bonus shares of Rs 10 each for every one fully paid-up equity shares of Rs 10 each held by existing shareholders. The announcement was made after trading hours yesterday, 3 September 2018.
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