3:45 pm RBI comments on rupee: The Reserve Bank of India said on Thursday that foreign institutional investors who have issued a participatory note, can hedge their forex risk in these securities provided they have a mandate from the participatory note holder, reports Reuters.
3:35 pm Hit by slowdown: Hit by slowdown, auto major Mahindra & Mahindra today said it will stop production for up to six days in the forthcoming months at its automotive plants to adjust output to demand in the market, reports PTI.
The company had on July 11 announced that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.
3:25 pm Government measures: The government is likely to go ahead with its proposed 5 percent stake sale in Coal India this month that is expected to fetch around Rs 10,000 crore to the exchequer, after major trade unions reached an agreement on the quantum of disinvestment.
"Coal India disinvestment may hit the market in August as three of its five major trade unions have given their consent to proceed with 5 percent stake sale in the PSU," Coal Minister Sriprakash Jaiswal, reports PTI.
The market has not managed to put its foot firm in today’s trading session. The Sensex is down 36.13 points at 19309.57, and the Nifty down 17.85 points at 5724.15. About 730 shares have advanced, 1363 shares declined, and 143 shares are unchanged.
The BSE Bankex gained more than one percent due to gains in private sector banks, but PSU banks are still under pressure on asset quality concerns. State Bank of India lost 2 percent while Axis Bank and HDFC Bank gained 5 percent and 3.5 percent respectively.
Most of the private banking stocks are holding up the indices. Mid and smallcap stocks are still in pain while oil & gas, capital goods, metals and realty are also reeling under pressure.
Mahindra & Mahindra's total automotive sales in July declined 21 percent year-on-year to 37,096 units, amid sluggish demand for both utility vehicles and commercial vehicles. The stock falls around 5 percent on the BSE.
Meanwhile, automobile sales in India have been slow for more than a year now. However, utility vehicles saw strong growth for much of FY13, helped by increased price differentiation between petrol and diesel and new launches like M&M's XUV500 and Quanto, Renault's Duster and Maruti Suzuki's Ertiga. However, even SUVs have now hit speed bumps since last few months following a hike in excise duty by the government, and partial de-regulation of diesel prices.
3:35 pm Hit by slowdown: Hit by slowdown, auto major Mahindra & Mahindra today said it will stop production for up to six days in the forthcoming months at its automotive plants to adjust output to demand in the market, reports PTI.
The company had on July 11 announced that it would stop production at its automotive plants for a period ranging from 1 to 8 days during the remaining period of the month.
3:25 pm Government measures: The government is likely to go ahead with its proposed 5 percent stake sale in Coal India this month that is expected to fetch around Rs 10,000 crore to the exchequer, after major trade unions reached an agreement on the quantum of disinvestment.
"Coal India disinvestment may hit the market in August as three of its five major trade unions have given their consent to proceed with 5 percent stake sale in the PSU," Coal Minister Sriprakash Jaiswal, reports PTI.
The market has not managed to put its foot firm in today’s trading session. The Sensex is down 36.13 points at 19309.57, and the Nifty down 17.85 points at 5724.15. About 730 shares have advanced, 1363 shares declined, and 143 shares are unchanged.
The BSE Bankex gained more than one percent due to gains in private sector banks, but PSU banks are still under pressure on asset quality concerns. State Bank of India lost 2 percent while Axis Bank and HDFC Bank gained 5 percent and 3.5 percent respectively.
Most of the private banking stocks are holding up the indices. Mid and smallcap stocks are still in pain while oil & gas, capital goods, metals and realty are also reeling under pressure.
Mahindra & Mahindra's total automotive sales in July declined 21 percent year-on-year to 37,096 units, amid sluggish demand for both utility vehicles and commercial vehicles. The stock falls around 5 percent on the BSE.
Meanwhile, automobile sales in India have been slow for more than a year now. However, utility vehicles saw strong growth for much of FY13, helped by increased price differentiation between petrol and diesel and new launches like M&M's XUV500 and Quanto, Renault's Duster and Maruti Suzuki's Ertiga. However, even SUVs have now hit speed bumps since last few months following a hike in excise duty by the government, and partial de-regulation of diesel prices.
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