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A maturing market amid the mayhem
Shares in SpiceJet and Sun TV Network fell on market talk that Sun founder Kalanithi Maran’s deal of buying a stake in SpiceJet was under investigation by the Central Bureau of Investigation, four dealers said.
Shares of both the companies had fallen 7-13 percent on Friday
SpiceJet closed 2 percent lower at 47.65 rupees while shares in Sun TV Network ended 11.4 percent down at 410 rupees.
Do you think shares in SpiceJet and Sun TV will fall further?
The BSE Power index fell 1.3 percent on Wednesday to end as one the top sectoral losers, as the broader market ended marginally higher.
Shares in JSW Steel dropped nearly 3 percent and ended as the top loser in the index. BHEL and NTPC shares lost more than 2.5 percent.
Shares in Unitech, one of India’s leading real estate firm, fell 10.6 percent on Tuesday to close at 43.05 rupees. The stock ended as the top loser in the BSE Realty Index.
Rival DLF shares ended 1.4 pct lower. DLF said it was cautious on the near-term outlook as rising interest rates could weigh on demand after the firm reported a marginal drop in quarterly earnings.
Shares in ICICI Bank, India’s top private lender, gained 1.7 percent on Monday, as the bank said that its Q3 net profit rose more than 30 percent.
This was the bank’s strongest pace of growth in three quarters.
ICICI Bank Chief Executive Chanda Kochhar said that the bank expected “at least” 20 percent credit growth in 2011/12 compared with an expected 18 percent growth in the fiscal year ending on March 31.
Shares in TCS gained nearly 5.5 percent on Tuesday after the firm had reported a good set of quarterly numbers on Monday evening after market hours.
TCS led the gains in the benchmark Sensex and rose to a record high after it beat street estimates and said it expected strong demand for outsourcing.
Shares in engineering conglomerate L&T ended down 1.65 percent on Monday after the company posted a 10.5-percent rise in standalone profit for the quarter ended in December, but a fall in its operating margin hit investor sentiment.
The company said its operating margin in the third quarter was at 10.8 percent compared with 12.4 percent a year ago.
Shares in Tata Motors ended down 5.5 percent to end as the top loser in the BSE Auto Index as overall markets remained weak and slipped nearly 500 points.
The firm’s shares closed at 1189.5 rupees, and was the second worst performer in the 30-share BSE Sensex.