The News International Team
03:30 Market closing
The market ended a dull day of trade on a flat note. The Nifty ended tad below 7950 down 19.25 points at 7945.55 while the Sensex slipped 62.52 points at 26567.99. Oil & gas and FMCG stocks were beaten down while IT stocks gained on dollar strength.
Wipro, Infosys, M&M, TCS and Hero were top gainers. On the losing side were Maruti, Tata Steel, GAIL, Tata Power and Reliance.
03:00pm Market Check
The Sensex declined 52.90 points to 26577.61 and the Nifty fell 15.35 points to 7949.45.
About 1220 shares have advanced, 1604 shares declined, and 107 shares are unchanged.
02:45pm Minda Industries in focus
Minda signed a joint venture agreement with Panasonic Corporation, Japan to manufacture and supply of lead acid storage batteries for two wheelers, four wheelers and for other industrial batteries. The proposed plant of the joint venture company will be located at Pant Nagar, Uttrakhand.
The shareholding of Panasonic Corporation and Minda Industries in the said joint venture is in the ratio of 60:40, said the company.
The cost of the project will be around Rs 160 crore. The commercial production of the 4W batteries is planned for June, 2015. It is stated that the production capacity of this joint venture company is expected to be two million batteries by 2018.
02:30pm IVRCL in News
IVRCL shares rallied 8 percent as a media report suggested that the company is going to sell Rs 4,000 crore worth of assets.
While clarifying the assets sale, the company said as part of strategic business plan to monetize BOT assets, it proposed to divest its stake in certain road projects and water projects. The same has been mentioned in press release dated April 01, 2013 under copy to stock exchanges. Therefore, the news is already in public domain.
Further, as per the CDR package, the company is required to monetize certain assets and the above point has been clarified to the shareholder in the AGM held on September 26, 2014 to his query, it added.
02:00pm Market Check
The market remained directionless with the Nifty holding 7950. Oil & gas, FMCG, banking and financials, and metals stocks declined while technology and auto stocks gained.
The 30-share BSE Sensex slipped 12.27 points to 26618.24 and the Nifty dropped 3.30 points to 7961.50. About 1259 shares have advanced, 1485 shares declined, and 114 shares are unchanged.
Individual stocks have been correcting of late but Nifty has not witnessed appropriate correction due to extended support by the defensives. Deven Choksey, Managing Director of KR Choksey Shares and Securities feels this could be a strategy to bring a much-needed headroom into some stocks.
If Nifty remains in an adjustment band of 7900-8200, he is confident of investors buying into corrected stocks from a long-term perspective.
Shares of ITC, Reliance Industries, ONGC, Maruti Suzuki, HUL, Tata Steel, Gail India and Tata Power were down 1-2.5 percent while Infosys, TCS, Wipro, Hero Motocorp and Coal India gained 1-3 percent.
In the midcap space, Relaxo Footwear, Berger Paints, Cyient, Bata India and Kaveri Seed shot up 5-9 percent while Trinity Trade, PTC India, Rajesh Exports, BF Utilities and Manappuram Finance lost 3-5 percent.
Among smallcaps, Visagar Polytex, Oscar Investment, Balrampur Chini, Minda Industries and Can Fin Homes surged 7-10 percent whereas KGN Enterprises, Wim Plast, Swadeshi Industries, KDJ Holidayscap and JMT Auto slipped 5-8 percent.