Mumbai Stocks Trade Sideways

Chandrasekhar Atreya
03 Sep, 2010
New York City

Stocks in Mumbai traded sideways. Bajaj Auto reported record monthly August sales. Motorcycles and auto sales surged in August as consumers take advantage of low interest rates. HPCL plans to invest in a crude oil refinery in Raigad, Maharashtra.

[R]9:00 AM New York, 6:30 PM Mumbai – Stocks in Mumbai traded sideways. Bajaj Auto reported record monthly August sales. Motorcycles and auto sales surged in August as consumers take advantage of low interest rates. HPCL plans to invest in a crude oil refinery in Raigad, Maharashtra.[/R]

Stocks in Mumbai trading traded sideways and closed nearly unchanged after the release of weekly wholesale inflation. Weekly increase in inflation is on the decline but still elevated.

The 30-share Sensex Index in Mumbai lost 0.09% or 16.88 points to close at 18,221.43. Of the Sensex index, 17 declined and rest closed higher.

The wholesale price index in India increased 1.4% to 312.5 from 308.1 for the previous week. For the year to the week, average inflation surged to 15.19% compared to 8.87% in the same period a year ago.

Two-wheeler manufacturer, Bajaj Auto Ltd said that it sold record 329,364 vehicles in August, 55% increase from 213,072 vehicles sales a year ago.

Motorcycle sales were 298,176 units, a 59% increase over last year while three-wheeler sales were 40,188 units at 34% increase over August 2009 sales.

Hindustan Petroleum Corp plans to invest about Rs 15,000 crore in setting up a 9 million tons-a-year refinery on the west coast of India. The new refinery is expected to be located in Raigad district of Maharashtra.

World trade continued to rebound strongly in the first half of the year, rising by over a quarter from year-ago levels, with emerging economies showing particularly powerful export growth, World Trade Organization figures showed Wednesday.

Global exports of merchandised goods, measured by value in current dollars not adjusted for price changes, were 25.8% higher in the second quarter than a year earlier, after a 25.7% rise in the first quarter, WTO figures showed.

India extended the deadline for submission of bids for a 4,000 megawatt, coal-based power project in the state of Chhattisgarh for the third time today. The last day for submission of bids has been changed to November 8 from September 6, according to an ad appearing in today’s edition of the Financial Express by a unit of Power Finance Corp, the bid handling agency.

Punjab National Bank agreed to acquire a 64% stake in JSC Dana Bank in Kazakhstan for $24 million.

Gainers & Losers

Ashok Leyland Limited rose 1.2% to Rs 75.45 after the commercial vehicle maker said sales surged 56.35% to 7,480 units in August from a year ago.

Bajaj Auto Ltd. surged 3.1% to Rs 2,871.75 after the two and three-wheeler vehicle maker reported strong sales in August ahead of bonus issue date.

Camlin Limited fell 0.6% to Rs 53.55 after the color and stationery maker said Morgan Stanley controlled fund bought 0.51% stake in the company on September 2.

Container Corporation of India Limited declined 0.8% to Rs 1,300.55 after the company turned ex-dividend for a dividend of Rs 8 per share for the year ended March.

Chambal Fertilisers and Chemicals Limited surged 5.1% to Rs 73.80 after the fertilizer company reported sales optimism on near-normal monsoon.

Hindustan Petroleum Corporation Limited decreased 3.5% to Rs 510.55 after the oil refiner turned ex-dividend today for a final dividend of Rs 12 per share for the year ended March.

JVL Agro Industries Limited gained 0.9% to Rs 402.00 after the vanaspati and refined oil maker said a board meeting is scheduled on September 4, to consider a 10-for-1 stock split.

Kinetic Engineering Limited soared 4.4% to Rs 116.30 after the auto component maker expects revenue of about Rs 40 crore from supply of parts to Italy''s Piaggio.

Loyal Textile Mills Limited rose 1.9% to Rs 247.70 after turning ex-dividend for a dividend of Rs 3 per share for the year ended March.

Nakoda Limited increased 3.6% to Rs 14.19 after the company said it is set to commence a wind power project in Madhya Pradesh.

Petronet LNG Limited gained 1.9% to Rs 114.00 after the gas company plans to invest Rs 2,300 crore to install two more storage tanks at its LNG receiving and regasification terminal at Dahej in Gujarat.

Parenteral Drugs (India) Limited increased 1.7% to Rs 286.40 after the pharmaceutical company board declared one bonus share for every three shares held.

Adani Power Limited rose 0.4% to Rs 133.85 after the power generation company was short-listed to bid for a 1,238-megawatt thermal power project and coal-mining rights in Kosovo located in Central Europe.

Suzlon Energy Limited surged 7.3% to Rs 50.00 after the wind power company said Reliance Industries denied having any plans to acquire a stake in the wind turbine maker.

Steel Strips Wheels Limited soared 5.5% to Rs 256.35 after the automotive wheel rims company secured an overseas order from a German company for supplying approximately 4,000 wheels.

Swaraj Mazda Limited fell 0.2% to Rs 295.00 after the commercial vehicle maker turned ex-dividend today for a dividend of Rs 4 per share for the year ended March.

The Supreme Industries Limited slipped 2.3% to Rs 629.40 after the plastic products company turned ex-dividend today, for dividend of Rs 13 per share for the year ended June.

Venky''s (India) Limited soared 7.5% to Rs 860.40 after the poultry and animal health product maker said the company has expansion program of Rs 50 crore.