The News International Team
03:00pm Torrent Power in News
Torrent Power is the latest company to enter the list of interested parties for GMR’s Emco plant, reports CNBC-TV18 quoting unnamed sources.
The company is said to have conducted an initial round of inspection at the plant which is one of the assets GMR is trying to monetize to pare it Rs 40,000 crore debt.
GMR is likely to sell its majority stake in the plant which is worth Rs 3,948 crore. GDF Suez, Sembcorp and various other PE players are reported to be interested in the plant.
Both GMR and Torrent Power refrained from commenting on the development.
02:40pm Tata Motors under pressure
Shares of Tata Motors lost ground after its UK subsidiary Jaguar Land Rover (JLR) reported weak sales growth in August.
JLR sold 30249 units in August, down 11 percent compared to previous month but up 9 percent compared to same month last year. Jaguar sales dropped 16.5 percent M-o-M and 6 percent Y-o-Y to 5074 units while Land Rover sales declined 10.5 percent month-on-month (up 12 percent year-on-year) to 25175 units.
The fall in sales on month-on-month basis was because of production constraints at assembly lines three months prior to XE launch, name plate registration holiday in August-September in Europe and muted demand across few developed markets like US.
In last week, JLR US retail sales fell 14.8 percent Y-o-Y to 5673 units.
Union Bank of India plans to raise Rs 1,386 crore through qualified institutional placement (QIP) by the end of FY15. Speaking to CNBC-TV18 on same, CMD Arun Tiwari says the bank will prefer doing the QIP when market price will be equal to book value as the bank is no hurry to raise funds.
The state-owned bank has already received all the necessary clearances from the Reserve Bank of India and shareholders to raise funds.
Union bank is targeting net interest margin of 2.9 percent by the end of this financial year after improving them to more than 2.5 percent in June quarter. The bank also expects to cut down its gross non-performing assets (NPAs) to below 4 percent in FY15 after rising to 4.27 percent in the quarter gone by.
02:00pm The market continued to consolidate at around 8100 level on the Nifty and 27000 level on the Sensex but the broader markets remained strong with the BSE Midcap and Smallcap indices rising 1-1.5 percent.
The Sensex declined 11.40 points to 27046.01 while the Nifty rose 2.40 points to 8096.50. About 1939 shares have advanced, 1030 shares declined, and 94 shares are unchanged.
Nitin Jain, principal investment manager, Kotak Mahindra (UK) Partner remains constructive on equity markets given the improving global liquidity. In an interview to CNBC-TV18, he says that India Inc’s earnings by the second or third quarter of this financial year should start reflecting this optimism.
Further he adds that earnings growth will be the key driver for Indian stock market from hereon.
Housing finance company HDFC and petrochemical major Reliance Industries led the recovery in the market in last hour of trade, up 1.4 percent and 0.4 percent, respectively.
Top lender State Bank of India jumped 1.7 percent followed by L&T, Infosys, ICICI Bank, HUL, Hero Motocorp, Axis Bank and NTPC with 0.5-1.3 percent.
However, Sun Pharma, ONGC, Coal India and Wipro remained under pressure, falling 1-5 percent.
In the midcap space, GSFC, Abbott India, Westlife Development, EID Parry and GMDC rallied 6-20 percent while Godfrey Phillips, Triveni Turbine, J&K Bank, Jyothy Labs and Hindustan National Glass lost 3-5 percent.