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A maturing market amid the mayhem

Maytas Infra gains in falling market

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The BSE Sensex ended 1.6 percent down on Monday but shares in Maytas Infra ended nearly 5 percent higher at 112.80 rupees after the company’s board received a proposal to replace the existing founder of the firm.

The CLB has instructed Maytas’ board to induct ILFS as new promoters and allow them to assume management control through appointment of four directors, including the chairman.

IL&FS, which owns 14.5 percent stake in Maytas, intends to buy additional stake of 22.51 percent with an investment of 1.5 billion rupees.mail1

Results:

Late on Saturday, Maytas posted a net loss of 4.9 billion rupees ($101 million) for the financial year 2008/09. The company’s turnover too saw a dip, falling almost 18 percent from 16.37 billion rupees a year ago to 13.35 billion in 2008/09.

Sensex gains on strong economic data

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The BSE Sensex ended 2.6 percent up on Thursday on good corporate results and robust economic data.

Data released on Thursday showed infrastructure output grew 6.5 percent in June while the Wholesale Price Index fell 1.17 percent in the 12 months to July 11.

Profit-taking caps Sensex rise

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The BSE Sensex seesawed today, mainly on account of profit-booking after the benchmark closed at an almost nine-month high yesterday.

The 30-share sensitive index of the Bombay Stock Exchange swung from an intra-day high of 14,994 to an intra-day low of 14,608, and finally closed 34 points up at 14,874. The fifty-share Nifty ended 0.10 percent down at 4525.
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The main contributors to the benchmark’s rise were HDFC, Tata Steel, ICICI Bank and SBI.

Realty gains in volatile market

The BSE Sensex today shrugged off shaky early trade and ended 0.6 percent higher on speculation the government would announce an economic stimulus plan in its interim budget.

On the global front, World stocks fell after five days of gains as investors fretted over U.S. plans to boost the economy and save its banks.

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