Money on the markets
A maturing market amid the mayhem
The company which is the world’s No.8 steelmaker by output, posted a consolidated June quarter net loss of 22.39 billion rupees, compared with 39.15 billion rupees profit a year earlier.
Poor demand at the company’s European unit, Corus, and lower steel prices weighed on earnings.
Tata Steel shares closed at 436 rupees after falling by 24 rupees, and remained the top loser among the components of Sensex and BSE Metal Index.
Investors in offshore and oilfield services provider, Aban Offshore, have a reason to party tonight – its shares jumped 27 percent to close at 1536 rupees, making it the top gainer on the Bombay stock exchange on Wednesday.
The company said on Tuesday that it expects revenue of $695 million (around 3,400 crore rupees) from two contracts it signed for deploying four rigs. The trading volumes in this counter were high and stood at 3.8 million shares, its highest single day volume since mid-May.
Thirteen of the 15-stock BSE IT index closed in the green, with Aptech leading the pack with a 16.5 percent jump.
The company is in exclusive talks for a stake in South Africa’s MTN, a deal which will create the world’s No. 3 mobile firm. On Thursday, the two firms said they were extending talks till Sept. 30, their second such extension this year.
The UPA government’s deferred divestment programme seems to have had a smooth take-off. State utility NHPC’s IPO was subscribed 23.5 times at close.
From the 463 stocks in the small cap index, around 30 posted double-digit gains, data from Thomson Reuters showed.
NDTV climbing over 14 percent and Anant Raj Industries up 12.1 percent were the top gainers in the mid-cap index on Tuesday.
Top IT companies posted smart gains with Patni Computer leading the sectoral index with a 7 percent rise. Shares of Wipro, TCS and Infosys touched their 52-week highs.
The rupee movement versus the dollar has also been supportive for this industry, which receives significant revenue in foreign currency. The rupee has strengthened to below 48/dollar from near 52/dollar levels in March this year.
Private airline operators had on Friday announced they would suspend operations on August 18 to protest the lack of government relief for the ailing industry.