Money on the markets

A maturing market amid the mayhem

Sesa Goa shares fall nearly 9 percent

Sesa Goa, India’s largest iron ore exporter, saw its shares fall 8.9 percent on Monday to 322.55 rupees as it ended as the top loser in the BSE Metals Index.

India-focused miner Vedanta said on Monday it would hold 31-40 percent of Cairn India directly while Vedanta-controlled Sesa Goa would hold 20 percent.

The Vedanta-Cairn India deal will not be positive for Sesa Goa, said Shrikanth Shetty, Head Equity Advisory, Unicon Investment Solutions.

The stock has lost 15 percent since June. Would you take advantage of this fall and invest in this counter now?

Cairn India rises on Vedanta buy

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CAIRN-CRUDE/OUTPUT

Shares in Cairn India ended 4.3 percent higher on Friday following reports that India-focused Vedanta Resources was likely to take a 51 percent controlling stake for $8 billion to $8.5 billion.

The source said the deal is expected to be announced on Monday.

Vedanta Resources is in talks with Cairn Energy, which has a 62.37 percent stake in Cairn India, to buy a stake in the parent company’s Indian unit, both companies confirmed on Thursday.

Educomp drops on disappointing results

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INDIA-STOCKS

Shares in Educomp Solutions fell 9.7 percent on Wednesday with institutional investors selling off in the education services provider after its disappointing April-June results.

Educomp reported on Tuesday net profit for the quarter rose 22 percent, but brokerages were concerned about falling margins.

Bad day for IT stocks

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INDIA-STOCKS/CLOSE

Export-oriented software companies shed the most today, with the BSE IT index declining 1.4 percent after the recent rally in IT stocks.

Leading the index decline were heavyweights Infosys, Oracle Finance and TCS, which dropped 1.4 percent, 1 pct and 1.5 percent respectively. TCS and Infosys were the top Sensex losers too.

Auto index rises on car sales

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INDIA

The BSE Auto Index ended 1.1 percent higher on Monday, buoyed by data that showed a record 158,764 cars were sold last month.

Data from the Society of Indian Automobile Manufacturers (SIAM) showed   car sales rose 38 percent in July, as customer sentiment remained strong on hopes of strong economic growth and a fall in food prices.

Weak day for banking stocks

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The BSE Banking index ended down 0.6 percent on Friday as the top sectoral loser, with all but one stock in the index ending the day in red.

Top losers included Federal Bank, which slipped 2.3 percent and IDBI, which ended down 1.4 percent. Shares in SBI, India’s top lender, ended down 1 percent.

Realty stocks jump, Phoenix Mills gains 6.4 pct

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Thursday proved to be a good day for realty counters with many, including Unitech, posting decent gains.

The star performer in the index was Phoenix Mills, which gained 6.4 percent.

Unitech, one of India’s top listed real estate firms, rose 2.8 percent while rival DLF ended marginally in the green.

Good day for technology counters

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Technology shares rose on Wednesday as Indian firms cheered robust results and guidance from U.S. peer Cognizant Technology Solutions.

Cognizant on Tuesday reported a profit that topped market estimates for the sixth straight quarter, helped by a surge in discretionary projects, and also raised its 2010 revenue outlook.

Reliance Industries shares gain more than 1 pct

Shares in Reliance Industries, India’s top listed firm, gained 1.1 percent on Tuesday, helping the benchmark index close marginally up.

Commuters walk past the Bombay Stock Exchange (BSE) building in Mumbai May 21, 2010. REUTERS/Rupak De Chowdhuri/Files The stock, which has the highest weight on the main index, closed at 1,026 rupees.

ICICI Bank shares jump

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Shares in ICICI Bank rose as much as 4.2 percent in trade before closing 3.9 percent up after the lender posted a 17-percent rise in quarterly net profit on Saturday.

India’s top private lender also forecast a 15-percent credit growth in FY 2011 as loan demand from corporate and mortgage borrowers remain strong.

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