Market Updates

Maruti Cautions Slower Growth, Sensex Falls

123jump.com Staff
05 Sep, 2007
New York City

    Sensex in Mumbai trading edged lower as investors reacted local news. Ambuja Cements sales in August sales increased 3%. Maruti, largest auto maker, hinted that higher interest are likely to damped sales grwoth for the rest of the year. Akruti Nirman purchased land in Mumbai for 350 core rupees. Bajaj and TVS patent spat continues. Sugar companies rallied as investor hoped that ethanol sales will drive the sugar prices higher.

[R]10:00AM New York – 7:30PM Mumbai – Sensex edged lower as trading volume recovers.[/R]

Sensex in Mumbai trading declined 0.12% or 19.25 to close at 15,535.35. CNX Nifty declined 3.40 or 0.08% to 4,475.85.

Of the stocks traded on the Bombay Stocks Exchange 1,403 closed higher, 1,331 declined and 65 were unchanged. Daily turnover on BSE increased to 5,167 crore rupee from 4,207 crore rupees. Daily trading volume on NSE increased to 1,900 crore rupees from 10,566 crore rupees a day ago. Of the 30 stocks on the index, 18 declined and 12 gained.

Ambuja Cement August sales jumped 3% to 1.15 million tons from a year ago lifting the stock 2% higher to 139 rupees.

NTPC, the largest power generator, rose 1.7% to 184 rupees after the reports that the company is looking to purchase Tungabhadra Steel, the maker of hydraulic gates for power plants.

Maruti Udyog lost nearly 3% to 869 rupees after the company guided that it will offer discount for its products to bolster sales during the holiday period. Managing Director, Jagdish Khattar, hinted that higher interest rates are restricting sales growth and the company may have to offer bigger discounts to attract new buyers.

Larsen Toubro fell 1.8% to 2,575 rupees after the news that its division in partnership with Italian company has won bidding for Bhusan Steel project for 1,200 crore rupees. ECC, the division, is likely to perform 64% of the value of the order.

Akruti Nirman jumped 4.3% to 568 rupees after the report that it plans to partner with Dubai World to bid for the redevelopment of Dharavi slums in Mumbai. In other news the company is reported to have purchased 8 acre land for 350 crore rupees from Hindoostan Spinning & Weaving Mills.

Gujarat industries Power soared 8% to 69 rupees after the board approved expansion of power unit by 250 MW at a cost of 1,300 crore rupees.

Ashok Leyland jumped 0.9% to 38 rupees on the news that the company is looking for alliances for heavy truck manufacturing.

Saregama India increased 10% to 275 rupees on the news that investment company Sonata Investments has acquired 1.058 million shares (or 10.58 lakh) at 260 rupees per share.

Kirloskar Brothers declined 1.2% to 464 rupees after its joint venture received 118 crore rupees order from Andhra irrigation department.

Bombay Burmah Trading soared 5% to 488 rupees after the news that it may acquire 25.5% stake in Britannia Industries from Danone.

Puravankar Projects increased 1% to 371 rupees on the news report that the company is planning to operate in partnership with Accor for its Bangalore hotel project.


[R]7:00AM New York, 8:00PM Tokyo - Japanese stocks declined Wednesday weighed by continued investor worries over U.S. linked subprime mortgage market problems. Yen continues firm against dollar.[/R]

Shares in Japan extended losses started Monday on persistent U.S housing market concerns. Tokyo slumped 1.6% today adding to losses of 0.3% and 0.63% reported Monday and Tuesday. Of the 225 Nikkei shares 202 dropped, 18 gained while 5 remained unchanged. Of the index shares 10 stocks lost over 4%.

In Tokyo trading Nikkei 225 sank 1.6% or 262.02 at 16,158.45 in thin volume. Investors sold property and other domestic-oriented shares, as exporters dragged on a firming yen. The yen gained to 115.92 against the dollar from 116.33 yesterday, rising also to 157.56 per euro from 158.26 Tuesday.

The Government Pension Investment Fund reported Tuesday second quarter investment profit rose to 2.38 trillion yen on a revised yield of 2.8%. The stronger profit growth before subtracting commissions and other expenses was helped by higher local and overseas stock markets, said the Fund.

Of the Nikkei 225 shares, real estate stocks dropped most. Tokyo Dome led decliners falling 5.03% followed by land developer, Sumitomo Realty ending down 4.9% while Heiwa Real Estate lost 4.4%. ALPS Electric Co Ltd and Sojitz Corp fell 4.2% each. Mitsui Fudason Co Ltd fell 4.14% with Kumagai Gumi Co Ltd falling 4.12%. Paper manufacturing share fell. Hokuetsu Paper eased 4.10%, Nippon Paper Gro down 3.9%, while Mitsubishi Paper and OJI Paper Co Ltd closed lower 3.8% and 3.63% respectively.

Of the index shares technology and auto parts producers gained. Showa Denko KK paced advancers rising 2.9% followed by Sony Corp up 2.32%. Fuji Heavy Industries rose 2.1%, JTEKT Corp up 1.8% while Yahoo Japan Corp added 1.51%. NEC Corp and Konami Corp surged 1.45% and 1.43%.

French financial group, BNP Paribas announced Tuesday it had sold its 12% stake in Nova Corp for 240 million yen to unnamed buyers. The group has also notified Japanese authorities of the deal, local media reported said Wednesday. BNP Paribas sold 8 million shares through after-market transactions last Thursday for 30 yen per share, compared with the purchase price of 71 yen. Osaka based Nova ended last Wednesday at 30 yen on the Jasdaq market for emerging companies.

McDonald''s Co (Japan) Ltd reported Wednesday August sales hit a high 46.4 billion yen, topping a monthly record of 43.1 billion yen reported in March. The growth was driven by resumption of sales of Mega Mac giant hamburger on a limited basis and promotion of the McFlurry ice cream menu, said the fast food retailer.

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