Mahindra & Mahindra (M&M) lost ground in a subdued market today, even as the company is expected to post strong February vehicle sales figures. At the close today on the BSE, the scrip of the utility vehicles and tractor major was down by 1.06 per cent at Rs 107.05. In the afternoon trades also the scrip was down by 2.7 per cent at Rs 105.25 on the BSE. Total volumes of 1.33 lakh shares changed hands on the BSE today.
The scrip, after rallying till the Union Budget for 2003-04 due to expectations of a cut in excise duty, has come off from the higher levels in the last three sessions. From a recent high of Rs 110.35 on February 28, it has shed 4.6 per cent to the current Rs 105.25. The stock has turned volatile since the last few weeks.
Price concerns crack cement counters
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Cement scrips lost ground today on doubts regarding the sustainability of the recent price hike by manufacturers, and also due to broad-based weakness in the market.
ACC was down 0.83 per cent to Rs 148.70, Gujarat Ambuja Cements (GACL) slipped by 0.46 per cent Rs 161.10 and Grasim Industries declined by 1.07 per cent to Rs 341.50. ACC clocked a volume of 9.02 lakh shares, 1.40 lakh shares changed hands on the GACL counter and 65,531 Grasim shares were traded on the BSE today.
Cement scrips have come off their higher levels of late. Part of the decline is attributed to the broad-based weakness in the market.
MRPL flares up on turnaround tattle
MRPL leaped on bargain hunting today on hopes that the company may stage a turnaround, with ONGC taking over its management control. The stock ended higher by 12.9 per cent at Rs 9.15.
In the late afternoon trades, the scrip spurted 16.05 per cent to Rs 9.40 on the BSE. A total of 7.38 lakh shares was recorded on the counter. In the last eight sessions, between February 20 and March 4, the stock had shed 11 per cent to Rs 8.10 from Rs 9.10.
The smart recovery on the counter was due to bargain hunting, following hopes that the company may stage a turnaround after a change in management control. Earlier, HPCL