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Midcaps least favored today
Thu, 8 Oct Closing

After opening the day's session on a negative note, Indian equity markets struggled to gather pace and witnessed selling pressures during the course of the day. Sectors such as FMCG, healthcare, and oil and gas faced the maximum selling pressures, while metal and consumer durables stocks fared well. The BSE-Sensex closed lower by 190 points while the NSE-Nifty ended lower by 48 points. The S&P BSE Midcap and S&P BSE Smallcap indices too closed today on a negative note, ending lower by 0.2% and 1% respectively.

Asian stock markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 2.97%, while the Nikkei 225 led the Hang Seng lower. They fell 0.99% and 0.75% respectively. European markets opened weak. The rupee was trading weak at 65.15 against the US$ in the afternoon session.

Shares of Mahindra and Mahindra (M&M) dipped (down 1%) after reporting weak production in the month of August. The company reported 2.64% fall in its production to 42,053 units in September 2015 as compared to 43,193 units in same month last year. Further, the company's auto sales numbers stood at 42,848 units during September 2015 as against 44,911 units during September 2014, registering a fall of 5%.

In other news, M&M has been assigned 'Baa3' rating with stable outlook by Moody's Investors Service. With this, M&M is now amongst a very few select Indian corporate companies who enjoy Investment grade rating. The rating reflects M&M's diversified business profile, leading market position in India, long track record of successful operations, strong corporate governance practices and financial flexibility.

Infact, Radhika Pandit, the Managing Editor for ValuePro, expressed her views on M&M's performance in the June quarter (subscription required). She explains the challenges the company would face as well as discussed its expansion plans going forward.

According to a leading financial daily, Tata Chemicals is planning to create a new umbrella brand for its foods portfolio. The company's existing portfolio of pulses and spices under i-Shakti label will be migrated into a new brand 'Sampann' which will also house future launches in the staples and food segment. Reportedly the company also plans to expand its footprint to 2.5 m outlets from current reach of 1.43 m outlets.

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Mar 20, 2018 11:25 AM