Indian shares fluctuated between marginal gains and losses after a key benchmark posted its biggest Budget day advanced since 2005.
The S&P BSE Sensex gained 0.1 percent to 28,191 while the NSE Nifty was little changed at 8,712. Both the indices gained the most in around two-months after finance minister tabled his fourth federal budget.
Here are the stocks moving the market this morning:
Tata Motors: CV Sales Dip
Shares of the car maker fell 2.2 percent to Rs 530 after its sales dipped by 1 percent for the month of January. Total sales stood at 46,349 units compared to 47,035 units in the same month last year.
Sales of passenger vehicles in the domestic market grew 21 percent to 12,907 units last month on the back of robust sales of hatchback Tiago, Tata Motors said in a statement.
However, domestic sales of its commercial vehicles declined 7 percent at 28,521 units, the auto major said.
Hero MotoCorp: Sales Woes Continue
Shares of the country's largest two-wheeler manufacturer fell 1.7 percent to Rs 3,232 after its sales dropped by 13.5 percent for the month of January. The figure, however, is a recovery from a 34 percent drop in sales in December to 3,30,202 units.
There is a positive change in the market sentiment, which is reflected in the improved off-take, and the company expects industry sales to gradually return towards normalcy.Hero MotoCorp's Filing
Mahindra & Mahindra: Facing Challenging Times
Shares of the automaker fell 2.6 percent to Rs 1,268 after a 10 percent fall in its sales in January. The company sold 39,303 units during the month, compared to 43,789 units in the same month last year, the company said in an exchange filing.
Exports during the month declined by 27 percent to 2,261 unitswhile sale of passenger vehicles, including Scorpio, XUV500, Xylo, Bolero and Verito, were down 9 percent to 20,096 units.
The auto industry continues to see mixed reactions and some of the segments including the rural market and the commercial vehicles category continue to face challenging times.Pravin Shah, Chief Executive (Auto Division), Mahindra & Mahindra
Sona Koyo Steering: Falls On Open Offer
The company fell as much as 6 percent to Rs 79 after Japan's JTEKT Corp inked an agreement to purchase its Indian joint venture partner, Sona Autocomp Holding, from Sona Koyo Steering Systems. The Japanese company will hold 25.12 percent of the stake in Sona Koyo for Rs 419.3 crore according to the company's exchnage filing.
JTEKT has also made an open offer to purchase up to 26 percent of Sona Koyo's company stake from public shareholders for around Rs 434 crore, it said in an additional filing.
Sugar Stocks: Government Removes Sugar Subsidy
Sugar stocks gave a mixed reaction on Thursday morning after after the government scrapped the Rs 18.5 per kilogram subsidy on sugar under the Public Distribution System, from the next fiscal year.
The finance minister allotted Rs 200 crore for clearance of the past claims, compared to a Rs 4,500 crore for sugar subsidies in the previous budget.
- Balarampur Chini (-1.7 percent to Rs 141)
- Dalmia Bharat Sugar (+2 percent to Rs 194)
- Dwarikesh Sugar (+1.1 percent to Rs 412)
- Bajaj Hindusthan Sugar (-1 percent to Rs 14)
Earnings Watch
- Godrej Properties (-1.7 percent to Rs 1,592)
- Marico (+2.1 percent to Rs 263)
Sensex, Nifty: Movers & Shakers
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