Market resumes Rally, Nifty 1 point shy of 7900

by Prateek Mazumder on Market Analysis, Market Wrap

Market resumes Rally: After a scare yesterday, markets resumed its rally today. Nifty closed at 9899 today which is just one point shy of 7900. Throughout the day Nifty gained 70 points which is a 0.89% rise since yesterday. The sectoral gains too were prominent today with BANK NIFTY(+1.35%) being the highest gainer followed by CNX FINANCE(+1.20%) and CNX PHARMA(+1.16%). Among the prominent stocks, the highest gainers today were YESBANK(+4.12%), AMBUJACEM(+2.74%), AXISBANK(+2.44%), SUNPHARMA(+2.33%) and BHARATIARTL(+2.26%). The stocks which lost the most today are BPCL(-1.75%), NMDC(-1.52%), BOSCHLTD(-1.46%), ASIANPAINT(-1.11%) and CAIRN(-0.86%)

JMC Projects rally 19% on orders from Bihar, Karnataka – Shares of JMC Projects,  a subsidiary of Kalpataru Power Transmission, rallied more than 19% on intraday basis after securing orders worth Rs 702 crore in Bihar and Karnataka. The civil engineering and EPC company has received orders for Bhagalpur Water Supply projects worth approximately Rs 199 crore and building for Central University of Bihar at Gaya approximately Rs 152 crore. It also bagged orders for Karnataka State Highways improvement project Rs 181 crore and two building projects in Bangalore worth approximately Rs 170 crore.

Sadbhav Infrastructure Project debuts at 8% higher than the issue price– Shares of Sadbhav Infrastructure Project (subsidiary of Sadbhav Engineering  ) listed at Rs 111 on the National Stock Exchange, higher by 7.8% over its issue price of Rs 103. In fact, it was better than expected listing because analysts were expecting to be bad debut due to its debt burden of Rs 6,600 crore. The issue opened for subscription during August 31-September 2. The company raised Rs 492 crore through public issue that comprised of Rs 425 crore fresh issue and an offer for sale of up to 32.36 lakh shares by existing investors – Xander and Norwest. The funds raised through the issue will be utilised for repayment of loans, equity investment and advancing of subordinate debt to its subsidiary Shreenathji Udaipur Tollway (SUTPL) and for part-financing of the SUTPL project. Promoter holding reduced to 68.95% from 78.10% post issue. Sadbhav Infra incorporated in 2007 as a developer and operator for highways, road and related projects on a BOT basis.

Suzuki to buy back Volkswagen’s stake– Suzuki Motor Corp is buying back the 19.9% stake held by top shareholder Volkswagen AG for up to USD 3.9 billion, after an international arbitration court last month ordered the German automaker to sell its holding. The Japanese automaker said it will repurchase on Thursday as many as 122.77 million shares at Wednesday’s closing price of 3,842.50 yen per share for up to 471.74 billion yen (USD 3.9 billion) via the Tokyo Stock Exchange’s off-hours trading system before the market open. Suzuki did not say what it planned to do with the stock. Suzuki and Volkswagen agreed to tie up in December 2009, pledging to cooperate on technology and on expanding in emerging economies, but the alliance soon faltered.


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