The BSE-Sensex is trading lower by 23 points and NSE-Nifty is trading down by 7 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 0.1% and 0.4% respectively. The rupee is trading at 55.59 to the US dollar.
Auto stocks are trading mixed with Escorts and Eicher Motors being the top gainers while Maruti Suzuki and Tube Investments were the top losers. According to a leading financial daily, in the wake of the lockout at its Manesar plant due to which the automobile company has suffered loss in sales, Maruti Suzuki is now looking at a fast track launch of its New Alto 800. We may note here that Maruti has suffered a sales loss of Rs 20 bn so far because of the Manesar lockout. The new version of Alto will be rolled out of Maruti's Gurgaon plant and would be priced at Rs 2 lakhs. In this range, it will compete with Hyundai's Eon and Tata Motors' Nano. The automobile company believes that this launch will boost overall sales volumes.
Indian pharma stocks are trading mixed with Dishman Pharma and Panacea Biotech being the top gainers while Sun Pharma and JB Chemicals were the top losers. As per a leading daily, minority shareholders of Taro Pharma have rejected Sun Pharma's offer of US$ 39.5 per share. Grand Slam Asset Management, a minority shareholder seems to have urged other shareholders through an open letter to reject the revised offer which is 60% higher than the earlier offered price. Earlier, in October 2011, Sun Pharma which holds 66.5% stake in Taro, had made an offer of US$ 24.5 per share to acquire the remaining stake. However, the same offer was rejected stating that on the ground of improved performance of the company, the offer was inadequate. Presently, Sun Pharma stock is trading lower by 2.5%.