A range bound movement was witnessed as key benchmark indices retained positive zone in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 131.93 points or 0.51% at 25,907.67. The Nifty 50 index was up 44 points or 0.5% at 7,870.55.
The market breadth indicating the overall health of the market was strong. On BSE, 1,518 shares rose and 866 shares fell. A total of 198 shares were unchanged. The BSE Mid-Cap index was up 0.33%, underperforming the Sensex. The BSE Small-Cap index was up 0.55%, outperforming the Sensex.
In overseas stock markets, Asian stocks witnessed a mixed trend. US stocks ended little changed in a thinly traded preholiday session yesterday, 25 November 2015.
Auto stocks edged higher. Bajaj Auto (up 0.45%), TVS Motor Company (up 0.81%) and Ashok Leyland (up 0.16%) gained. Eicher Motors fell 1.56%.
Tata Motors advanced 2.93% after the company's British luxury car unit Jaguar Land Rover (JLR) announced that it will spend 450 million to double the size of its engine manufacturing centre (EMC) in the UK. The EMC supplies engines to the three vehicle plants of JLR located in the UK. JLR said that the decision to expand the size of the EMC was driven by global demand for current and future car models of JLR. Tata Motors released the press release on JLR EMC expansion after trading hours on Tuesday, 24 November 2015.
Mahindra & Mahindra (M&M) rose 0.46% after the company announced the launch of the automatic transmission variant in its XUV500 sports utility vehicle (SUV). The automatic transmission option will be available on three variants of XUV500. The automatic transmission option starts at a price of Rs 15.36 lakh (ex-showroom Navi Mumbai) for the W8 FWD variant and will be available across M&M dealerships 5 December 2015 onwards.
Hero MotoCorp rose 0.18% to Rs 2,650.50 in volatile trade after media reports suggested that US private equity firm Bain Capital has launched a deal to sell its entire holding of 29.8 lakh shares of Hero MotoCorp at a discount to the stock's ruling market price. The stock hit high of Rs 2,687 and low of Rs 2,610 so far during the day. The stock witnessed a surge in volumes on the bourses. On BSE, so far 5.25 lakh shares were traded in the counter as against average daily volume of 24,474 shares in the past one quarter. On NSE, so far 10.07 lakh shares were traded in the counter as against average daily volume of 3.37 lakh shares in the past one quarter.
Bain launched the deal to sell Hero MotoCorp shares in the indicative price band of between Rs 2,570 and Rs 2,600 per share, according to reports. Bain's holding in Hero MotoCorp is through its unit BC India Private Investors II.
Maruti Suzuki India slipped 1.03%. The company announced after market hours on Tuesday, 24 November 2015, that it will offer dual airbags and anti-lock braking system (ABS) as an option in all variants of Swift and DZire, including the base variant. In the fiscal year ended March 2015, Swift and DZire maintained an average sale of over 17,000 units each per month.
Just Dial rose 3.19% to Rs 959 after the company said it will spend up to Rs 164.50 crore in buying back shares from its shareholders. The announcement was made after market hours on Tuesday, 24 November 2015. Just Dial said that the company would buyback upto 10.61 lakh fully paid-up equity shares of face value of Rs 10 each at Rs 1,550 per equity share. It added that the buyback would be undertaken on a proportionate basis from the shareholders as of 4 December 2015 through a tender offer. The company added that the buyback would result in improving earnings per share, mitigating the effects of short-term market volatility and enhancing shareholders' confidence among other things.
In a separate announcement after market hours on Tuesday, 24 November 2015, Just Dial said its shareholders have approved 4 December 2015 as the record date for the buyback of equity shares.
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