Stocks Radar: Force Motors, Jindal Steel & Power, Phoenix Mills
Indian shares retreated from record highs as investors tread with caution ahead of the Reserve Bank of India's monetary policy decision.
#BQMarketsNow | Sensex drops nearly 100 points ahead of RBI policy. Bajaj Auto rises, while Bharti Airtel falls.https://t.co/Yr87afw1tS pic.twitter.com/jHMKoygefr
April 6, 2017Here are the stocks moving the markets this morning:
Jindal Steel & Power: Making Records
The company rose 3.9 percent to Rs 129 after it claimed that its sales and output hit record highs in the last financial year. This was despite "the challenging times faced by the global steel industry for a larger part of financial year 2016-17," the company said in a filing.
Production rose 20 percent while sales rose 17 percent for the steel and power company. As for the last quarter of the financial year, steel production rose 12.3 percent on a quarter-on-quarter basis while sales rose 11.2 percent.
Phoenix Mills: Canadian Investor
The company jumped as much as 7.3 percent to Rs 438 after it inked an agreement with Canada Pension Plan Investment Board (CPPIB) to develop, own and operate retail developments across India.
The Canadian pension major will invest in Island Star Mall Developers Pvt., a wholly-owned subsidiary of Phoenix Mills, according to an exchange filing.
Force Motors: Sales Fall, Shares Rise
Shares of the auto maker rose 3.9 percent to Rs 4,775 even after its sales fell more than 8 percent to 4,219 vehicles in March, compared to 4,509 vehicles in March 2016.
Exports also fell marginally to 233 vehicles compared to 254 vehicles in the same month last year, according to the company's filing on the exchanges.
Lupin: Reviewing Bayer Judgement
Shares of the drug maker fell 0.7 percent to Rs 1,445 after it acknowledged that Bayer Pharma had won a lawsuit against it in Australia leading to a the judge awarding Bayer A$25.4 million (around Rs 125 crore) in damages and A$5.9 million in pre-judgement interest.
"We are in the process of reviewing the judge's reason for judgement and deciding next steps," the company said in a clarification to the BSE.
Mahindra & Mahindra Introduces ‘Jivo'
The leading tractor manufacturer in India fell 0.7 percent to Rs 1,282 after it introduced a small tractor named 'Mahindra Jivo' on Wednesday. Prices start at Rs 3.9 lakh and go up to Rs 4.05 lakh for the dual tone variant, ex-showroom Maharashtra, the company said in a statement to the exchanges.
The product has been targetted at horticulture and row crop farming, and will be suitable for crop care, land preparation, inter culture and vineyard spraying, the company added.
Bank Stocks Drag
Lenders fell between 0.3 percent to 0.9 percent as they await the Monetary Policy Committee's verdict after the bi-monthly monetary policy meeting.
The RBI Governor-led body is expected to leave benchmark interest rates unchanged at 6.25 percent, according to a BloombergQuint poll of 10 economists. However, the central bank is expected to announce measures to manage the excess liquidity in the system.
Also Read: The RBI's Problem Of Plenty
Reliance Defence & Engineering: To Consider Rights Issue
The Anil Ambani-led company rose 2.6 percent to Rs 69 after it said it will discuss a proposal for rights issue of up to Rs 1,200 crore on April 11. Reliance Defence will consider to “revalidate and approve” the rights issue which was earlier approved on April 22, 2016, the company said in a statement to the exchanges.
Sensex, Nifty: Movers & Shakers
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
