India Auto Components
Goldcorp Outbids Rival Eldorado To Buy Andean (RTTNews) - The Indian market ended a volatile session modestly lower on Friday, weighed by a government report that showed a modest rise in food inflation for the week ended August 21. Underlying sentiment remained extremely cautious as the U.S. government's monthly employment report loomed.
After trading choppily in a restricted range, the 30-share Sensex finally ended down 17 points or 0.09% at 18,221, while the broader Nifty eased 7 points or 0.12%. However, stock-specific buying especially in small caps and midcaps continued. In the broader market, gaining shares outnumbered declining ones by 1661 to 1246 shares.
Metal stocks pared initial gains to end considerably lower. Jindal Steel lost 2.10%, Sesa Goa eased 1.81%, Hindalco declined 1.47%, Sterlite gave off 1.28% and Tata Steel ended down 0.64%. Oil/gas stocks also witnessed significant selling pressure, led by heavyweight Reliance Industries that closed 1.23% lower.
Auto stocks like Mahindra & Mahindra, Ashok Leyland and Bajaj Auto rose between 0.6% and 3.2% after reporting strong sales numbers for August. Hero Honda Motors added 2.14%, reversing its recent losses.
The market remains in positive territory amid stock specific action this afternoon. Though Asian markets ended on a firm note, European markets are exhibiting a mixed trend at present, contributing to some extent to the somewhat lacklustre movements in stock prices on the Indian bourses.
Consumer durables stocks are in demand once again. Mirroring sharp gains posted by key stocks in the consumer durables space, the BSE CD index has surged 1.62% now. Bajaj Electricals , the top gainer in the index, is up 3.65% at Rs 305. Gitanjali Gems has gained around 3.3% and Titan Industries is up with a gain of 2.6%. Blue Star has posted a gain of 1.2% and Whirlpool is up 0.65%. Rajesh Exports and VIP Industries are up marginally.
Metal stock Welcorp has gained 3.75% on reports the company has won new orders. Sterlite Industries is up by a little over 3%. SAIL , Tata Steel , JSW Steel , Jindal Steel and Jindal Saw have gained 1.2% - 2%. Hindalco is up with a modest gain, while Nalco is up marginally over its previous closing price.
Apollo Tyre s (up 13.75% at Rs 83.75) has moved up sharply on sustained buying at the counter. MRF (5.5%), Exide Industries (4.65%) and Amtek Auto (2.3%) are also up sharply. Tata Motors , BA UO and Maruti Suzuki are up 0.75% - 1.75%, while Ashok Leyland and Mahindra & Mahindra are up marginally.
Sensex up 74 pts; Auto components, bank stocks in demand - Sify
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MUMBAI, Sept 2 (Reuters) - Indian shares climbed 0.4 percent on Thursday after better-than-expected U.S. factory data lifted Asian equities, but there was resistance as investors were not convinced about the outlook.
Financials firmed on expectations loan demand will pick up in a growing economy, while auto makers rose after 20-30 percent rise in August sales.
By 10:46 a.m. (0516 GMT), the 30-share BSE index .BSESN was trading up 0.44 percent at 18,286.80, with 23 of its components gaining. It rose as much as 0.8 percent early.
Reliance Industries is likely to nominate Nita Ambani to the board of luxury hotel company EIH as the wife of the world`s fourth-richest man takes on a sharply increased public role. RIL, which bought a 14% stake in EIH - that runs the Oberoi and Trident chains - will nominate Ambani, the wife of chairman Mukesh, because she is closely involved with the company`s increased focus on services, which account for more than 50% of India`s GDP, a person close to Reliance said. The person said Ambani`s nomination to the EIH board would not be immediate and it was up to the Oberoi family, its owners, to offer directorships to the nominees of India`s largest private-sector company. But it would be logical for RIL, which had picked up a stake in the company with the intention of supporting its expansion by bring to bear its expertise in raising money and completing large projects, to eventually have board representation.
Elder Pharmaceuticals plans to raise up to USD 50 million through a qualified institutional placement (QIP) next week, to retire a part of its debt, according to a senior company executive. ``About half of the fund would be raised to part repay our debt which stands at about Rs 5 billion,`` said a senior company executive, asking not to be named because of regulatory restrictions. The mid-sized pharma company is in discussions with several US-based institutional investors besides some Indian funds, the executive said without naming the firms. It expects to close the deal next week. Part of the money will be deployed to complete projects at its R&D facility in Vashi, Maharashtra. It had initially planned to raise USD 35 million. But since it has a board approval to raise up to USD 50 million, it may raise the full amount if it gets good investors response.
The US health regulator has served a warning letter on the American unit of Mumbai-based drug major Sun Pharma for violating good manufacturing practices. Sun Pharmaceutical Industries Inc (SPI Inc), the US-based unit of the company, has received a warning letter from the US Food and Drug Administration (FDA) for violation of good manufacturing practices (GMP) regulations, the company said in a statement today. The FDA`s letter was issued as a follow-up to an inspection in February, 2010, during which the US drug regulator had identified violations of GMP regulations, it said.
FMCG major Dabur on Tuesday said it aims to double its sales to Rs 70 billion in the next four years as it focuses on strengthening the healthcare segment to be one of the key growth drivers. The company, which held its 35th Annual General Meeting today, said its shareholders have also given approval to raise Rs 20 billion to fund its expansion plans. Last month, the company`s board members had approved a resolution to raise the fund. It, however, did not specify by when it plans to do it. ``Dabur plans to double its sales and profits from current levels to reach Rs 70 billion and Rs 10 billion, respectively by March 2014,`` Dabur India Group Chairman Anand Burman said while addressing shareholders at the AGM.
During an interaction with the South African Trade Minister Rob Davies in Johannesburg, Commerce Minister Anand Sharma said both sides would try to resolve all pending issues so that a preferential trade agreement (PTA) could be signed at the earliest.
India has asked the South African government to expedite discussions on a Bilateral Investment Promotion and Protection Agreement (BIPPA). 'It was decided that this issue of BIPPA would also be discussed in the senior officials meetings slated in the first week of October 2010,' said a statement released by the commerce ministry here Tuesday.
Given the the current trend of growth in bilateral trade between India and South Africa, Sharma said he hoped the target of $10 billion set for 2012 could be achieved in 2011 itself.
The two countries are seeking greater collaboration in sectors such as infrastructure, manufacturing, mines and minerals, energy, banking and financial services, agro-processing, pharmaceuticals, information technology, automobiles and auto-components.
India, South Africa to discuss trade pacts in October - Sify
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