The BSE Sensex and NSE Nifty opened in green on Wednesday. Sensex opened 69.98 points up at 26,239.39, while Nifty opened 21.80 points up at 7,976.70.
11.48 am: Eicher Motors on Tuesday announced its motorcycle division Royal Enfield entry and future plans for the Thai market at the Thailand International Motor Expo 2015, as a part of its growth strategy and focused international thrust of leading and expanding the global mid-sized motorcycle segment (250-750cc). Royal Enfield displayed its entire range of evocative motorcycles at the Thailand International Motor Expo, which includes the iconic Bullet 500cc, the retro-street models – Classic 500cc and Classic Chrome, and the Continental GT (535cc) cafe racer. Along-with the motorcycles, the brand also introduced its latest gear and accessories collection for the Thailand market. The company on Tuesday also reported 48 per cent jump in total motorcycles sales to 40,769 units in November as against 27,542 units sold in the same month last year. The share price of Eicher Motors was up 0.59 per cent at Rs 16,327.
11.37 am: Share price of TAKE Solutions gained over 2 per cent after the company launched PVIndia, a unique pharmacovigilance peer network, organised and managed by one of TAKE’s Life Sciences division, Navitas. At the time when the pharma industry is facing business challenges and the government of India citing delayed regulatory approvals as a primary concern, it is imperative for Pharma companies to arrive at solutions to tackle these problems. The scrip was trading 2.07 per cent up at Rs 204.95. Sensex was down 87 points at 26,082.
11.27 am: Sensex was trading 116.60 points down at 26,052.81. Nifty was trading 37.90 points down at 7,917.00. BSE Bankex was down 1.06 per cent
10.44 am: Sensex was down 102 points at 26066.51. Nifty was down 31.10 points at 7,923. Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES), a part of the $16.9 billion Mahindra Group, reported its sales numbers for November 2015. Domestic sales in November 2015 stood at 20,819 units, up by 47 per cent as against 14,207 units during November 2014. The company’s total tractor sales (domestic + exports) during November 2015 stood at 21,717 units, up by 42 per cent as against 15,333 units for the same period last year. Exports for the month stood at 898 units, registering a fall of 20 per cent. Shares of M&M were trading 0.17 per cent up at Rs 1,372.
10.16 am: Debt-ridden, troubled auto component manufacturer Amtek Auto, which is looking at deleveraging to raise funds to reduce its debt, is likely to prune its workforce by combining several of its operations. The company has total workforce of 16,000 in India, which includes employees at its various subsidiary firms. Shares of Amtek Auto were trading 1.31 per cent up at Rs 42.65.
10.07 am: The rupee edged higher by three paise to 66.46 against the US dollar in early trade on Wednesday at the Interbank Foreign Exchange on continued selling of the American currency by exporters and banks. Sensex was marginally 21 points at 26,190.
9.44 am: Coal India, the world’s largest coal miner by output, has reported provisional production of 47.47 million tonnes in November 2015, as against target of 49.67 million tonnes. The company’s total off-take for the month of November stood at 45.33 million tonnes as against a target of 46.16 million tonnes. Also, the proposed sale of another 10 per cent government stake in Coal India (CIL), on which the Centre’s FY16 non-tax revenue hinges a lot on, is unlikely before April. Despite the Cabinet clearing the stake sale last month, reflecting the government’s keenness to push it through in FY16, a lack of appetite among potential investors as well as objections raised by some existing stakeholders in the world’s largest coal miner could upset the plan, sources familiar with the matter told FE. The share price of Coal India was up 0.81 per cent at Rs 344.25. Sensex was up 26 points at 26,195.
9.27 am: Sensex was up 33.56 points at 26,202. Nifty was up 5.80 points at 7960.70. Tata Motors continued to witness strong year-on-year growth in the M&HCV segment in November 2015, with a growth of 21 per cent. However, total sale of Tata Motors passenger and commercial vehicles (including exports) were at 38,918 vehicles, lower by 7 per cent, over 41,720 vehicles, sold in November 2014. The domestic sale of Tata commercial and passenger vehicles for November 2015 were at 35,345 nos. lower by 6 per cent over 37,427 vehicles sold in November 2014. Shares of Tata Motors were trading 0.73 per cent down at Rs 414.35.
9.20 am: Tree House shares again hit upper circuit on Wednesday after the company updated BSE that it has successfully received all amounts related to preschools and franchise operations that were outstanding as on 30 September 2015. The company also clarified that there was an error with respect to the promoters’ pledge of shares reported by BSE on their website. On November 20, it had been communicated to BSE that promoters have pledged 2,50,000 shares in one of the promoters’ accounts which was erroneously mentioned as 25,00,000 shares by BSE. This has created unnecessary confusion and concerns among investors. The share price of the company climbed 9.98 per cent to Rs 184 on Wednesday.
9.15 am: The BSE Sensex and NSE Nifty opened in green on Wednesday. Sensex opened 69.98 points up at 26,239.39, while Nifty opened 21.80 points up at 7,976.70.
Shares of Jyoti Structures will remain in focus on Wednesday as lenders to the loss-making Jyoti Structures have decided to convert Rs 307.6 crore of loans into shares at a value of Rs 26.90 apiece, a premium to the current market price, sources told FE. The move is part of a strategic debt restructuring (SDR), a scheme outlined by the Reserve Bank of India (RBI) earlier this year. The stock closed at Rs 17.70 on Tuesday on the BSE, down 6.84% from its previous close. Shares of Jyoti Structures was trading over 8 per cent up in the early trade.
Tata Motors will also remain in focus after the company on Monday reported 6.71 per cent decline in sales at 38,918 units in November compared to 41,720 vehicles in the same month last year.
The US markets coming out of the consolidation mood rallied on Tuesday, despite the Institute for Supply Management showing an unexpected contraction in US manufacturing activity. The Asian markets have made a mixed start, with some of the indices trading in red on speculation that the Federal Reserve will take a gradual approach to raising interest rates. The Dow and S&P 500 both gained about 1 per cent on Tuesday thanks to a rebound in health and consumer shares.
Back home, domestic equity markets managed to end the Tuesday’s session with marginal gains amid slew of economic data announcements. Markets kick-started the session with a decent gains and traded in narrow range as sentiment got a boost after India’s economy grew by 7.4 per cent in the second quarter (July-September), outpacing China to become the fastest growing major economy. Some support also came in with Finance Minister Arun Jaitley’s statement that GDP in the current fiscal will be better than the growth rate recorded in the last financial year and improve further in subsequent years.
Meanwhile, Reserve Bank of India (RBI) in its fifth Bi-monthly Monetary Policy review kept the key policy rate unchanged but affirmed the central bank’s commitment to ease it as and when room is available, saying inflation is likely to perform better than expected. However, markets pared most of their initial gains after India’s manufacturing sector grew at its weakest pace in over two years in November as demand and output continued to soften.
Finally, the BSE Sensex gained 23.74 points or 0.09 per cent to 26169.41, while the CNX Nifty50 index added 19.65 points or 0.25 per cent to 7,954.90.
| Subscribe To Our Free Newsletter |
