Auto ancillary stocks are trading weak with Sundaram Fasteners and Bosch Ltd being the leading losers. Tejas Networks, Tessolve Semiconductors and Bosch Ltd will invest about Rs 26 bn in electronic manufacturing projects over the next few years. The companies are making investments under the modified special incentive package scheme (MSIPS) which provides 25% subsidy on capital expenditure made by a domestic company in non-Special Economic Zone area, and 20% within the SEZ. While Tejas Networks will invest in telecom equipment manufacturing, Tessolve Semiconductor plans to set up an assembly and testing plant and Bosch Ltd will make investments in the field of electronics as part of its ongoing plans.
Cement stocks are trading mixed today with Ambuja Cement and India Cements being the leading gainers while The Ramco cements and Shree cements trading the weakest. ACC, India's largest cement maker announced results for the third quarter and nine months ended December 2014. On a consolidated basis, the company's sales grew by a mere 1.6% YoY, Further, the Company's operating income was impacted due to sharp rise in the manufacturing and freight costs. This led to drop in the EBITDA margins to 9.3% vs 13.5% last year. However the profits were up by 18.3% YoY, on the back of tax credit availed for the quarter The Company has recommended a final dividend of Rs 19 per share.