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Markets Finish on a Weak Note
Mon, 28 Mar Closing

At the closing bell, the BSE Sensex closed lower by 371 points, while the NSE Nifty finished lower by 101 points. S&P BSE Midcap and S&P BSE Small Cap also ended the day lower by 1.4% and 1.7% respectively.

Asian markets finished on a negative note. Stock markets in Indonesia and China ended the day lower by 1.1% and 0.7% respectively. Oil prices were trading at US$ 39.82 a barrel at the time of writing. The rupee was trading at 66.66 against the US$.

Sectoral indices finished the day on a weak note with stocks from metal & mining, telecommunication and pharmaceutical sector witnessing maximum selling pressure.

As per an article in a leading financial daily, Tata Motors has signed a follow on contract with the Indian Army. The contract is to supply 619 units of its 6X6 HMV (high-mobility vehicle) multi-axle truck. The truck is meant for loading-unloading and transportation of ammunition pallets, spares and other operational equipment.

Reportedly, the truck has been designed to cope with extreme on or off-road loads. Developed indigenously, the truck has gone through various trials including deep water-fording on cross country terrains and plains.

The order placed comes on the back of an earlier order of 1,239 units of the 6X6 HMV by the Indian Army. This was the single largest order awarded to an Indian private original equipment manufacturer in land systems by the Indian Army under the Defence ministry's defence procurement procedure. The stock finished the day on a weak note (down 3.8%)on the BSE.

In another news update, Shree Cement is looking to expand capacity by another 10 million tonnes (mt) in the coming three years. This will take the company's overall capacity to 33.6 mt from the present 23.6 mt.

The company has lined up a capital expenditure (capex) of Rs 60 billion to construct three new clinker plants. The company will fund the expansion through internal accruals. While other companies have relied on the acquisition route to expand their capacity, Shree Cements has opted for the organic route to expand its business and portfolio. The stock finished the day on a weak note (down 1.5%) on the BSE.

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