In a sharp contrast to the proceeds in yesterday's session, the Indian stock market indices have opened well below the dotted line today. Selling pressure in heavyweights across the board has prevented the benchmark indices from moving towards the dotted line. Stocks from the banking, auto and metals sectors are facing the maximum brunt of profit booking. The Indian equities had defied weakness in global markets and shrugged off concerns over the impact of crisis in Japan in yesterday's session. While the crisis is not expected to hurt the Indian economy directly, the continued inflow of negative news seems to have finally taken its toll on India, dampening investor sentiment.
The BSE-Sensex is down by 462 points (2.5%) while NSE-Nifty is trading 130 points below the dotted line. Both BSE Midcap and BSE Small cap indices are down by 2.3% and 2.4% respectively. The rupee is trading at 45.33 to the US dollar.
As per a business daily, India's largest passenger car maker, Maruti Suzuki, has inked an MoU with professional engineering society, Society of Automotive Engineers, to promote and help young automobile engineers in conceiving, designing and fabricating Formula-1 style sports cars. A total of 44 teams comprising 1,100 aspiring engineers across the country will participate in a contest originated through US-based SAE International to design Formula 1 cars. This is an attempt by Maruti Suzuki to expand its in-house dedicated engineering capability as the company increases its product portfolio. The company has also cited plans to add around 500 engineers in FY12 to its existing engineering strength of 1000 engineers. The company plans to expand its manufacturing capacity to 1.7-m cars annually.
PTC India Financial Services, a non-banking financial institution promoted by Power Trading Corporation (PTC), plans to raise nearly Rs 4.4 bn through public issue of 156 m shares. The issue comprises of a fresh issue of 127 m equity shares by the company and an offer for sale of 29 m shares by Macquarie India Holdings. The price band has been fixed at Rs 26 to Rs 28 per share. PTC Financial Services was promoted to make investments in companies engaged in power generation, equipment supply and fuel source projects. The company is currently focused primarily on power generation projects in India, but also provides fee based syndication and advisory services as well as carbon credit financing against certified emissions reduction (CER).
Post IPO, PTC India's stake in the subsidiary would come down to 60%. The company intends to use the net proceeds to augment its capital base to meet the future capital requirements arising out of growth in its assets, primarily its loan and investment portfolio.
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Indian share markets end deep in the red with the Sensex down by 1,939 points and the Nifty ending down by 568 points.
ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).
ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).
JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).
UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).
ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).
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