Money on the markets
A maturing market amid the mayhem
Shares in Larsen & Toubro gained 2.5 percent on Monday, helping Sensex post its 5th consecutive day of gains.
The stock ended at 1639.20 rupees and was the among top gainers of the 30-share Sensex.
“…we believe these near-term concerns are now priced in and the valuations are attractive,” UBS said in a note while reiterating its “buy” rating on the stock.
“In our view, L&T remains the key play on India’s structurally strong infrastructure growth story.”
Shares of real estate companies closed higher on Thursday as investors started accumulating some sector-specific beaten down stocks.
Property developer Unitech posted its best single-day gain in nearly 16 months, rallying 9.6 percent after JPMorgan upgraded the beaten down stock to “overweight” from “neutral”, citing cheap valuations, reasonable gearing, comfortable liquidity and high embedded land value.
Auto stocks struggled in trade on Friday, as stocks like Exide Industries, M&M and Maruti Suzuki fell, pushing the sectoral index down 2 percent.
Exide Industries ended down 4.6 percent as the top loser in the auto index, followed by M&M which dropped 3.3 percent.
Shares in Reliance Communication rose over 9 percent in trade today after a news channel reported that ATC has emerged as the highest bidder for the firm’s tower arm.
RComm ended 9.3 percent higher at 99.30 rupees and was the top traded stock on BSE. The firm was also the top Sensex gainer.
Shares of Mahindra group firm Tech Mahindra jumped 9.26 percent to 739 rupees, while outsourcer Mahindra Satyam rose 3.7 percent to 64.90 rupees after an agreement between Mahindra group and Cisco Systems was announced.
Mahindra group is partnering with U.S. telecom equipment maker Cisco Systems to provide a range of services including cloud computing.