Domestic stocks drifted lower in early trade on negative Asian stocks. Data showing a sharp drop IIP in November 2018 also dented sentiment. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 177.64 points or 0.49% at 35,832.20. The Nifty 50 index was down 57.15 points or 0.53% at 10,737.80. The Sensex dropped below the psychological 36,000 level.
India's industrial production (base year 2011-12=100) moderated sharply to mere 0.5% in November 2018, compared with 8.4% growth recorded in October 2018. The industrial production growth for October 2018 has been revised upwards from 8.1% increase reported provisionally. The data released after market hours on Friday, 11 January 2019.
The output of manufacturing sector declined 0.4%, while the electricity generation growth moderated to 5.1%% in November 2018. Further, the mining output growth also eased to 2.7% in November 2018.
The S&P BSE Mid-Cap index was down 0.59%. The S&P BSE Small-Cap index was down 0.26%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 535 shares rose and 858 shares fell. A total of 71 shares were unchanged.
Overseas, Asian shares were trading lower as investors kept a wary eye on looming Chinese trade data on increasing signs a slowdown in the world's second-biggest economy is dragging on global growth. Markets in Japan are closed for a holiday.
Wall Street dipped slightly on Friday, breaking a five-session rally, as energy shares declined and investors looked ahead to earnings season. The Dow Jones Industrial Average ended down 0.02% at 23,995.95 points, while the Nasdaq Composite dropped 0.21% to 6,971.48. The S&P 500 ended down 0.01% at 2,596.26.
Back home, Infosys gained 2.44%. On a consolidated basis, Infosys' net profit fell 12.17% to Rs 3610 crore on 3.84% increase in revenues to Rs 21400 crore in Q3 December 2018 over Q2 September 2018. Operating profit was reported at Rs 4830 crore, a growth of 11.8% year-on-year and a decline of 1.3% quarter-on-quarter.
The company revised its FY2019 revenue guidance in constant currency upward to 8.5%-9.0%. It retained operating margin guidance at 22%-24%. The result was announced after market hours on Friday, 11 January 2019.
The company's board approved buyback of equity shares, from the open market route through the Indian stock exchanges, amounting to Rs 8260 crore (maximum buyback size) at a price not exceeding Rs 800 per share (maximum buyback price), subject to shareholders' approval by way of postal ballot. Further, the board also approved a special dividend of Rs 4 per share.
NTPC fell 0.95%. NTPC said it has decided to raise Rs 4,000 crore through private placement of secured non-convertible bonds in the nature of debentures at a coupon of 8.30% per annum with a door to door maturity of 10 years, on 15 January 2019. The proceeds will be utilized to finance capital expenditure/refinancing the debt requirement in on-going projects and other general corporate requirements. The bonds are proposed to be listed on both NSE & BSE. Security for these bonds will be duly created as per the requirements of and within the period of time prescribed under, the Companies Act and rules specified therein. The announcement was made after market hours on Friday, 11 January 2019.
Yes Bank rose 1.66%. Yes Bank announced the appointment of Mr. Brahm Dutt as non-executive part-time chairman of the board. The Reserve Bank of India, pursuant to the provisions of the Banking Regulation Act, 1949, and basis Mr. Brahm Dutt's outstanding credentials and experience, has approved his appointment as part-time chairman of Yes Bank's board up till 4 July 2020 vide its letter dated 11 January 2019.
Brahm Dutt has been on the board of Yes Bank since July 2013 as an independent director, and has contributed to almost all the sub-committees of the board over the past 5.5 years and is currently also the chair of the nomination & remuneration committee. The announcement was made on Saturday, 12 January 2019.
Avenue Supermarts slumped 8.16%. Net profit of Avenue Supermarts rose 2.12% to Rs 257.11 crore on 33.15% rise in net sales to Rs 5450.94 crore in Q3 December 2018 over Q3 December 2017. Earnings before interest, tax, depreciation and amortization (EBITDA) in Q3 December 2018 stood at Rs 453 crore, up by 7.5%. The company's EBITDA margin is at 8.3% in Q3 December 2018 as compared to 10.3% in Q3 December 2017. The result was announced on Saturday, 12 January 2019.
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