Market Live: Consolidation continues on D-Street as indices trade flat; Tata Group stocks gain
12: 45 Meet: BNP Paribas Mutual Fund has appointed Ritesh Jain as investment director with immediate effect, according to the statement from the fund house.
Jain will report directly to CEO and Deputy Director of Investments Anand Shah and will be in charge of running a professional investment team that manages a range of funds in different asset classes.
Prior to joining BNP Paribas, Jain was the mutual fund’s investment director at Tata.
12:25. Check Market: Consolidation continues on D Street Tuesday, with benchmark indices trading almost flat during the afternoon.
The Sensex rose 10.22 points to 31.321.79, while Nifty rose 4.20 points to 966.75. The market amplitude was negative with only 1,195 stocks advanced against a decrease of 1234 shares, while stocks of 147 remained unchanged.
Tata Motors, Tata Motors DVR and Tata Power won most of both indices while HDFC and Lupine lost most.
12 hours HPP on the cards? The Tata group may consider an initial public offering (IPO) for Jaguar and Land Rover, according to a Bloomberg report.
Jaguar Land Rover is a subsidiary of Tata Motors.
The report cited people familiar with the situation saying that Tata officials have held preliminary internal talks in the last month on the inclusion of the luxury automaker, bought there for almost a decade to 2.4 billion dollars in an international exchange. London and New York are considered as potential sites, the report added.
11:50 am stock buzz: Stocks of non-bank financial companies (NBFCs) rose by 2 to 4% intraday on Tuesday after events related to farm loan exemptions.
Satén Creditcare Bharat Financial Inclusion, Equitas Holdings, Mahindra and Mahindra Financial Services and Bajaj Finance have responded positively to the possibility of toppling Rs 1 lakh agricultural loan in Maharashtra and Rs 2 lakh in Punjab. The observations of the management of these companies show little or no success in their finances.
Bharat’s financial inclusion has also increased due to the merger of its merger. Its management to CNBC-TV18 that the announcement of the merger would likely occur in the coming months.
11.12h Checking benchmark indices continued to consolidate in the morning trade, with skilled trade in a range of 20 points due to the lack of global and domestic signals.
The BSE Sensex 30 shares rose 38.98 points to 31 350.55 and the NSE Nifty 50 shares gained 9.25 points 9,666.80.
HDFC, HDFC Bank, Kotak Mahindra Bank, Lupine and TCS were under pressure, while Infosys and Tata Motors continued to be the main contributors to Sensex earnings.
10:50 am View of the FII: Credit Suisse does not feel. “I am not suggesting that earnings will improve during the 3 to 4 quarters. The momentum is weak and the economy in general should take steam,” Neelkanth Mishra, MD equity strategist and India at Credit Suisse told CNBC-TV18. He added that the economy was undergoing structural transitions and this period could last longer.
However, Mishra said that market movements were largely motivated by the EP ratio. Any correction in that market would be that if there is a decline in global liquidity, he added.
10:17 am buzz: Tata Power shares have gained up to 4 percent in morning trading as the company is expected to dilute its stake in the India Energy Exchange through the initial public offering.
The company is one of the shareholders of Energy Exchange India has submitted a draft leaflet on the smoke curtain with the capital markets SEBI regulator to launch an initial public offering.
Existing shareholders, including Tata Power Company, private equity group Aditya Birla Group, Madison India capital and Renuka Ramnath lead multiple alternative asset management vendreont 60.65 lakh shares of the company through the IPO.