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Sensex, Nifty under pressure; private banks, auto decline

12:00

The News International Team

12:50pm Sharda IPO opens

Sharda Cropchem, a crop protection chemical company entered the primary market with its initial public offering (IPO) with Rs 352-crore public offer, essentially to adhere to SEBI public shareholdings norm of creating a 25 percent public float, says RV Bubna, CMD, Sharda Cropchem.

Bubna feels it is not wise for their business to invest in plant and machinery and therefore, the company invests in agro chemical registrations. They have recently entered into the biocide segment and acquired several registrations from the existing registration holders, in Europe and China. Currently, they have 1,200 registrations globally and further registrations are anticipated to grow at 15-20 percent, he says in an interview with CNBC-TV18.

Cash-rich Sharda has an asset-light business model with zero debt, he says adding that they have Rs 190 crore cash in hand as of March 2014. In addition, Bubna expects margins to be above 40 percent hereon.

12:30pm Jyoti at 20% upper circuit

Jyoti Ltd subsidiary bagged a hydropower order worth Rs 423 crore, of which the company’s share in the order is worth just Rs 100 crore, says Ajay Kamdar, Chief Financial Officer, Jyoti Limited.

The Gujarat-based hydro turbines and generators manufacturer’s JV with Megha Engineering & Infrastructure has won a 5-year deal from Narmada Nigam for EPC of civil, electro-mechanical and hydro-mechanical works including operations and maintenance for Saurashtra Branch Canal Project in Mehsana district.

12:00pm The market erased early gains with the Sensex falling 101.53 points to 26984.40 and the Nifty losing 27.10 points to 8068.85 weighed down by private banking and financials, auto and healthcare stocks.

About 1314 shares have advanced, 1249 shares declined, and 104 shares are unchanged.

State-run power equipment maker BHEL and coal mining company Coal India are prominent losers, falling 2 percent each followed by HDFC, ICICI Bank, HDFC Bank, Sun Pharma, Bharti Airtel, Hero Motocorp and Tata Power with 0.6-1.6 percent.

However, shares of L&T, ONGC, SBI, Infosys, TCS, GAIL, Bajaj Auto and Hindalco Industries bucked the trend, up 0.3-1 percent.

In the midcap space, Gujarat Flourochem, Tilak Finance, Trinity Trade, Bharat Electronics and Voltas rallied 5-10 percent whereas Jaypee Infra, Punj Lloyd, IFCI, Suzlon Energy and GMR Infra lost 5-8 percent.

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