Don’t miss the latest developments in business and finance.

Telecom stocks decline

Image
Capital Market
Last Updated : Jan 02 2018 | 1:31 PM IST

Key benchmark indices once again drifted in negative zone and were trading with small losses amid divergent trend in index pivotals. At 13:15 IST, the barometer index, the S&P BSE Sensex, was down 26.80 points or 0.08% at 33,785.95. The Nifty 50 index was off 2.25 points or 0.02% at 10,433.30. Most auto stocks rose. Telecom stocks declined.

Among secondary barometers, the BSE Mid-Cap index was down 0.49%. The BSE Small-Cap index was down 0.43%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On BSE, 1,604 shares fell and 1,070 shares rose. A total of 114 shares were unchanged. Breadth was strong in early trade.

Most auto stocks rose. Maruti Suzuki India (down 1.05%), Eicher Motors (down 2.79%), and Hero MotoCorp (down 0.5%) fell. Escorts (up 0.11%) rose.

Auto major Mahindra & Mahindra (M&M) gained 1.27% after the company reported that total tractor sales rose 30% to 18,288 units in December 2017 over December 2016. The announcement was made during market hours today, 2 January 2018.

M&M's domestic tractor sales rose 32% to 16,671 units in December 2017 over December 2016. Exports of tractors rose 13% to 1,617 units in December 2017 over December 2016. M&M during market hours yesterday, 1 January 2018 said that its total auto sales rose 8% to 39,200 units in December 2017 over December 2016.

Tata Motors was up 2.37%. Continuing its turnaround, Tata Motors today announced a strong sates performance for December 2017. The Commercial and Passenger Vehicles domestic sales in December 2017 was at 54,627 units as against 35,825 units in December 2016, a growth of 52%, due to the increasing demand for vehicles across segments, new product launches and strategic customer initiatives. The announcement was made during market hours today, 2 January 2018.

Also Read

Bajaj Auto gained 0.53% after total sales rose 30% to 2.92 lakh units in December 2017 over December 2016. Domestic sales rose 25% to 1.49 lakh units in December 2017 over December 2016. Exports rose 35% to 1.43 lakh units in December 2017 over December 2016. The announcement was made during market hours today, 2 January 2018.

Ashok Leyland was up 2.52% after the company said its total sales grew by 79% to 19,253 units in December 2017 over December 2016. Ashok Leyland's sales of medium & heavy commercial vehicles (M&HCV) rose 82% to 15,950 units in December 2017 over December 2016. Sales of light commercial vehicles (LCV) grew by 69% to 3,303 units. The announcement was made during market hours today, 2 January 2018.

SML ISUZU fell 1.04% after the company's sales fell 4.6% to 974 units in December 2017 over December 2016. The announcement was made after market hours yesterday, 1 January 2018.

TVS Motor Company was up 1.83%. The company registered a sales growth of 39% to 2.56 lakh units in December 2017 over December 2016. The announcement was made after market hours yesterday, 1 January 2018.

Telecom stocks declined. Idea Cellular (down 3.34%), Bharti Airtel (down 0.79%), Tata Teleservices (Maharashtra) (down 2.05%) and Reliance Communications (down 5.93%) declined. MTNL (up 8.17%) rose.

Shares of Bharti Infratel rose 2.3%. Bharti Infratel is a provider of tower and related infrastructure and is a unit of Bharti Airtel.

Ramco Systems gained 6.64% after the company announced that it has secured an order from the world's largest and longest running aerial tour company, Papillon Grand Canyon Helicopters to install Ramco Aviation Suite V5.8, for maintenance and engineering operations of its fleet. The announcement was made during market hours today, 2 January 2018.

Ramco will service two Papillon entities - Papillon Grand Canyon Helicopters and Grand Canyon Scenic Airlines - with its state-of-the-art Aviation Suite 5.8, integrating both facilities' disparate manual systems on a single digital platform to improve company-wide productivity and process efficiency.

Both entities of Papillon Group will migrate from multiple disparate systems to unify its engineering & programs, maintenance, compliance & quality, flight operations, and crew scheduling on a single platform from Ramco. In addition, Papillon will benefit from electronic flight bag, mobility, role-based HUBs and advanced visualization dashboard for real-time analysis.

On the macro front, the Nikkei India Manufacturing Purchasing Managers' Index rose to 54.70 in December 2017 from 52.60 in November 2017. The data was announced during trading hours today, 2 January 2018.

Overseas, Asian shares were trading higher. Market in Japan is closed for holiday. US market was shut yesterday, 1 January 2018, on account of New Year's Day.

Powered by Capital Market - Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

More From This Section

First Published: Jan 02 2018 | 1:16 PM IST

Next Story