Share markets in India have erased early morning gains but are still trading on a positive note.
Benchmark indices opened on a strong note today tracking gains in global equities, amid hopes of another stimulus package in the US to support the world's largest economy against the coronavirus pandemic.
The BSE Sensex is trading up by 104 points, up 0.3% at 37,800 levels.
Meanwhile, the NSE Nifty is trading up by 26 points.
The BSE Mid Cap index is trading up by 0.4%. The BSE Small Cap index is trading up by 0.8%.
Sectoral indices are trading mixed with stocks in the metal sector and automobile sector witnessing buying interest.
Energy stocks, on the other hand, are witnessing selling pressure.
The rupee is trading at 74.90 against the US$.
Gold prices are currently trading up by 0.6% at Rs 54,901 per 10 grams.
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In news from the IT sector, shares of Info Edge advanced nearly 7% to hit a record high of Rs 3,419 on the BSE today after the company announced it has launched qualified institutional placement (QIP) to raise up to Rs 18.8 billion.
The company has set a floor price of Rs 3,177.18 per share for the qualified institutional placement offering (QIP).
"We propose to utilize the net proceeds to augment our long term cash resources, for meeting the fund requirements of our business activities and general corporate purposes as a part of our growth strategy," the company said in a prospectus filed with the stock exchanges.
On June 22, the company's board of directors had approved fundraising through an issue of equity shares of the face value of Rs 10 each of the company by way of QIP to eligible qualified institutional buyers for an aggregate amount not exceeding Rs 18.8 billion.
Info Edge runs online classified businesses such as Naukri.com, 99acres.com, Jeevansathi.com, and Shiksha.
Note that Info Edge is the third company to launch a QIP to raise equity capital this month, in just the first two trading days of the month.
Private sector lender Axis Bank launched its Rs 100-billion QIP on Tuesday evening, while pharmaceutical firm Alembic Pharma launched its share sale on Monday.
Info Edge share price is presently trading up by 5.2%.
Moving on to news from the chemicals sector, PI Industries is among the top buzzing stocks today.
Shares of the company rallied over 7% to hit an all-time high of Rs 1,966 apiece on the BSE after the company reported a strong set of numbers for the first quarter of the financial year 2020-21 (FY21).
The company posted a 43% year-on-year (YoY) rise in its consolidated net profit at Rs 1.5 billion against Rs 1.02 billion reported in the corresponding quarter of the previous fiscal.
Revenue for the quarter came in at Rs 10.6 billion, up 41% YoY.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at Rs 2.4 billion, up 55% from Rs 1.5 billion registered in the year-ago period.
Gross margin, however, slipped 280 basis points (bps) to 42% from 45% in the June quarter of FY20 due to change in the business mix of Export, Domestic, and Isagro.
Domestic revenues were up by 76% YoY, contributed by carryover demand from Q4FY20, Isagro brand sales, and robust momentum in the domestic segment on planned brand positioning to avail advantage of early sowing.
The company further said that its business outlook remains robust and it expects to launch two new products in the second, or third quarter of the current financial year.
PI Industries' share price is presently trading up by 4.2%.
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