Except information technology, all sectoral indices ended lower. PSU bank, realty, FMCG, capital goods and power indices were down a percent each
India’s benchmark indices ended in the red in a highly volatile session on October 10 on weak global cues and selling across sectors. At close, the Sensex was down 200.18 points or 0.34% at 57,991.11, and the Nifty was down 73.70 points or 0.43% at 17,241.
Tata Motors | CMP: Rs 396.55 | The stock price declined over 3 percent after its Jaguar Land Rover (JLR) business’ wholesale volumes fell below expectations, prompting top brokerages to cut price targets and also warn of a slowdown next year. Tata Motors on October 7 said JLR wholesale volumes-excluding its joint venture in China-were 75,307 for the second quarter, while it had in August, projected wholesale volumes to be around 90,000. The automaker, among the largest in the country, blamed lower-than-expected supply of specialised chips from one supplier for failing to meet its target, a Reuters report said.
Gravita India | CMP: Rs 358.70 | The scrip rose over 4 percent after the company said that its step-down subsidiary in Senegal started commercial production of aluminium from a new recycling plant with an annual capacity of around 4,000 MTPA. The company expects additional revenue of around Rs 60 crore per annum with a gross margin of around 20% from the new capacity.
Navkar Corporation | CMP: Rs 60.20 | The share price gained over 4 percent after the firm approved the transfer of movable assets, including trailers and dwarf containers, to Adani Logistics. The transaction cost is Rs 173.97 crore. The company will utilise the said amount for further expansion of business and the purchase of trailers for its new inland container depot at Morbi.
Easy Trip Planners | CMP: Rs 406.95 | The stock ended in the green on October 10. The company’s board approved the sub-division/split of each existing equity share of the face value of Rs 2 into two equity shares of Re 1 and the issuance of three bonus equity shares for every 1 fully paid-up equity share. The board also approved an increase in the authorised share capital from Rs 75,00,00,000 to Rs 200,00,00,000 and ab alteration in the capital clause of the memorandum of association.
Ramkrishna Forgings | CMP: Rs 212 | The scrip ended in the green on October 10. Ramkrishna Forgings has won around $ 15.9-million order for its application in North America HCVs from a Tier 1 rear & front axle manufacturer customer in the auto segment. The order will be executed over four years, the company said in its release.
Bandhan Bank | CMP: Rs 267.60 | The share price shed over 2 percent after the private lender reported a weak trend in disbursements for Q2FY23. The bank’s loans and advances stood at Rs 99,374 crore at end of the September quarter, only 3 percent higher on a sequential basis. Total deposits rose by 7 percent to Rs 99,365 crore at the end of September as against Rs 93,057 crore a quarter ago. Of this, retail deposits were of Rs 73,660 crore, which was higher by only a percent. Growth in CASA deposits also remained flat on a sequential basis at Rs 40,509 crore compared to Rs 40,195 crore in the June quarter.
IDBI Bank | CMP: Rs 46.55 | The stock surged over 9 percent after the government engaged KPMG India as the transaction advisor and Link Legal as the legal adviser for providing advisory services and managing the transaction of stake sale in IDBI Bank. The government and LIC of India intend to sell little more than 30 percent stake each in IDBI Bank. The government holds a 45.48% and LIC 49.24% stake in the bank. The government has invited an expression of interest from the bidders.
Atul Auto | CMP: Rs 230 | The scrip zoomed over 7 percent on October 10. The Board of Directors of Atul Auto approved to issue up to 58,08,080 fully convertible warrants, each convertible into, or exchangeable, at an option of the proposed allottee, within a maximum period of 18 months from the date of allotment of warrants into equivalent number of fully paid up equity share of the company of face value of Rs 5 each at a price of Rs 198 each payable in cash, aggregating up to Rs 115crore to specified investors/ identified investors.
Jaiprakash Associates | CMP: Rs 11.80 | The share gained over 10 percent after the Board of Directors of the company decided to divest the company’s “significant” cement business.
Computer Age Management | CMP: Rs 2,546 | The stock jumped over 3 percent after the company said a meeting of the board of directors is to be held on October 17, 2022 for considering enhancing its equity investment in CAMS Financial Information Services, a wholly owned subsidiary of the company.
Sandip Das
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