Indian shares fluctuated between gains and losses on the first trading session of 2017, with most Asian markets closed the New Year's holiday. The S&P BSE Sensex snapped a two-day gaining streak after it fell 0.3 percent to 26,531 while the NSE Nifty dropped 0.3 percent as well to 8,160.
Here are the stocks that are moving the market:
Maruti Suzuki: Exports Save The Day
Shares of the car maker fell 1 percent to Rs 5,267, snapping a four-day winning streak. On Sunday, it reported a 1 percent drop in December sales due to demonetisation. While domestic sales saw a 4.4 percent contraction to 1,06,388 units, a 47.1 percent increase in export sales made up for it.
Eicher Motors, Maruti Suzuki ignore demonetisation blues in third quarter.https://t.co/lyBUatgYXp pic.twitter.com/jL8PZhafuV
January 1, 2017Eicher Motors: Sales Jump Despite Demonetisation
Shares of the auto maker rose as much as 4.8 percent to Rs 22,851 after it saw a 42 percent jump in sales for December, compared to same period last year.
Data released by the company shows a 42 percent jump in December 2016 with 57,398 units sold as compared to 40,453 units in the same month last year.
Oil Stocks: Fuel Price Hike
Shares of oil companies rose after the Indian Oil Corporation announced the third hike in petrol and diesel prices in a month. Petrol prices rose by Rs 1.29 a litre while diesel prices rose by 97 paise per litre, effective from January 1, 2016 midnight.
The rates will be higher after the addition of value added tax. This is the second hike in the price of fuel within the fortnight.
The current level of international product prices of petrol and diesel and rupee-dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.Indian Oil in a statement to PTI.
- Indian Oil (+0.7 percent to Rs 327)
- Bharat Petroleum (+1.4 percent to Rs 644)
- Hindustan Petroleum (+1.2 percent to Rs 446)
Bajaj Auto: Sales Struggle
Shares of Bajaj Auto fell 2 percent to Rs 2,581 after its sales took a 22 percent hit in the month of December 2016.
Total sales fell to 2,25,529 vehicles from 2,89,003 vehicles in December 2015, the company said in an exchange filing. Sales of the Pune-based bike maker fell for the second straight month after snapping a four-month slide in October.
Motorcycle sales fell 18 percent to 2,03,312 vehicles compared to 2,47,782 vehicles in the year ago period, while commercial vehicle sales fell 46 percent to 22,217 vehicles as against 41,221 vehicles in December 2015.
Bank Stocks: MCLR Cuts
Bank stocks received quite a bit of attention from investors today, after some of them cut their marginal cost of lending rate (MCLR) after a surge in deposits eased liquidity constraints.
The country's largest lender State Bank of India reduced its lending rate by 90 basis points, the most in years. Union Bank of India also reduced its one-year benchmark MCLR to 8.65 percent from 9.30 percent. Punjab National Bank, another public sector lender, cut its MCLR by 70 bps.
HDFC and ICICI Bank Ltd. are yet to announce their lending rate for the month of January.
State Bank of India cuts rate by 90bps, steepest cut in years.https://t.co/436pBFqbsU pic.twitter.com/gSlpJ8g3g9
January 1, 2017
- SBI (-2.1 percent to Rs 244)
- Union Bank (+1.4 percent to Rs 124)
- PNB (-1.4 percent to Rs 114)
Mahanagar Gas: Launches CNG Scooty
Shares of the city gas distributor company gained 3.3 percent to Rs 814 after it launched CNG-fuelled two-wheeler, which has running cost of 60 paise a kilometre.
In the last few years, CNG-powered vehicles have grown in Mumbai Metropolitan Region at a CAGR of over 70 percent given the fuel economics and eco-friendly nature of CNG.
The growing demand for natural gas has boosted the stock, which has outperformed the BSE Oil & Gas Index in the last six months.
IL&FS Engineering & Construction: Bags Order
Shares of the engineering firm jumped as much as 11.2 percent to Rs 47 after it won a road project in Karnataka worth Rs 242.6 crore.
The project involves widening of two or four lanes with paved shoulders on Bidar to Humnabad section of national highway 50 in EPC mode in Karnataka with a completion period of 24 months, the company said in a statement.
The company had an order book of Rs 10,026 crore, as of March 31, 2016.
Infosys: General Counsel Resigns
Shares in India's second-biggest software exporter fell 0.6 percent to Rs 1,005 after its General Counsel and COO David Kennedy resigned.
Kennedy will receive $868,250 plus reimbursements for insurance continuation coverage over a period of twelve months, according to the company's exchange filing. Gopi Krishnan, deputy general counsel, will act as the general counsel in the meanwhile, the statement added.
Sensex, Nifty: Movers & Shakers
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