Tata Motors clarifies reports on receiving orders for 1542 Sumo Gold

Tata Motors Ltd clarified that various Government departments including law enforcement agencies have requirement for vehicles.

These requirements are made public through department tenders / Government notifications

Basis this, we participate in tenders, interactions with department happens - they have various committees through which the products are evaluated for their needs and specifications.

For the commercial terms, vehicles are normally purchased through the pre-approved DGS&D rate contract, which is negotiated on a yearly basis. These rates are publicly displayed on the DGS&D website."

Earlier Exchange has sought clarification from Tata Motors Ltd with respect to news article appearing on Moneycontrol website on December 03, 2014 titled "Tata Motors bags orders for 1542 Sumo Gold from police agencies"

Tilaknagar Industries rebounds, up 6.4%

Tilaknagar Industries has smartly recovered all its earlier losses and now, trading higher on the back of huge block deals on the BSE.

The counter witnessed trades of 1.4 million shares in three block deals, which was executed at Rs. 28.

The stock so far has hit an intra-day high at Rs. 30.30 - up 13 per cent from the day's low of Rs. 26.80.

Now, the stock is up 6.4 per cent at Rs. 29.10. On the BSE counter, so far, 2.20 million shares are traded, against its two-week daily average volume of 1.08 shares.

Meanwhile, the BSE Sensex has dropped 228 points at 27,603.

Nifty below 8,300 levels

Indian equity markets opened on a weak note and was lower by nearly 200 points.

 The S&P BSE Sensex is trading at 27,597 down 233 points, while NSE Nifty is trading at 8.288 down 67 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Consumer Durables indices is only the gainer, Auto, Power, banking, capital goods, FMCG, Oil and gas, healthcare metal, Realty indices are losers.

Bharti Airtel, Sun Pharma, HDFC, Tata Steel, M&M are among the gainers, whereas GAIL, Tata Motors, DRREDDY, Infosys, BHEL are losing sheen on BSE.

The Dow fell 1.51% while S&P 500 shed 1.64%. Nasdaq is down 1.73%. Asian shares are mixed. Japan's Nikkei 225 index and Hong Kong's Hang Seng index were lower while China's Shanghai index was trading higher.

Stocks like Jet Airways are soaring high in turbulent weather even as SpiceJet is struggling for a safe landing.

The Union Cabinet, chaired by the Prime Minister Narendra Modi, today approved the various amendments to the Electricity Act, 2003 as per the proposed Electricity (Amendment) Bill, 2014. 

The cabinet approved plans to raise about Rs1.6 trn by selling some of its stakes in state-run banks by 2019, a government reportedly said.

The Reserve Bank of India (RBI) is planning come out with guidelines on refinance of existing projects as demanded by the industry, deputy governor S S Mundra reportedly said.

Shares of Spicejet Ltd was up 1% at Rs16 on reports that the airline started offering cut-price fares on some sectors. 

Sugar stocks rallied up to 13% after report said that the government fixes a price of Rs 48.50-49.50 per litre for procurement of ethanol for blending with petrol.

Bharti Infratel stock surges 7%

Shares of Bharti Infratel has surged 7% to Rs 355 on back of heavy volumes.

The stock has hit a high of Rs371 and a low of Rs355.

According to reports, Bharti Infratel, telecom infrastructure major and a fully-owned subsidiary of market leader Bharti Airtel, is looking at the option of taking over the telecom towers of Vodafone and Idea Cellular in India at a valuation of Rs 5,000 crore.

PSU banks slip

The PSU banks have tumbled in early morning trade today on BSE after the Union Cabinet allowed PSU banks to raise capital to meet their additional capital requirements under BASEL-III by diluting Government holding up to 52 per cent in a phased manner.

Oriental Bank of Commerce is the top loser - down nearly 3 per cent to Rs. 311. Syndicate Bank and Indian Overseas Bank have slipped over 2 per cent each at Rs. 130 and Rs. 60.85, respectively.

Allahabad Bank and Union Bank have tumbled almost 2 per cent each at Rs. 129 and Rs. 220, respectively.

Punjab National Bank, Andhra Bank and Bank of India have dropped over 1.5 per cent each at Rs. 1,091, Rs. 88 and Rs. 289, respectively.

Bank of Baroda, IDBI, Canara Bank and SBI are the other losers - down over a per cent each at Rs. 1,059, Rs. 70.40, Rs. 409 and Rs. 312, respectively.

Top corporate news of the day - December 11, 2014

Axis Bank is planning to raise around US$100 min from International Finance Corporation (IFC). 
 
Godrej Group, which is eyeing acquisitions to fuel growth said it was expecting a 20% compound annual growth rate (CAGR) by 2020. 
 
Tata Power has signed a share purchase agreement to acquire entire stake in Nagpur-based Ideal Energy Projects Ltd. 
 
In keeping with the country's target of achieving US$500 bn textile exports, Reliance Industries Limited (RIL) again reiterated its plans to expand polyester chain capacity from current 7.5 mn tonnes to 15 mn tonnes. 
 
Looking to cash in on e-commerce boom, Reliance Capital is all set to sell its 16% stake in leading travel portalYatra.Com for an estimated Rs5bn and is in talks with 2-3 international investors. 
 
Cipla said its Mauritius subsidiary Meditab Holdings has signed a deal to sell its entire 48.22% stake in China-based Jiangsu Cdymax Pharmaceuticals for US$18.5 mn.
 
Anand Mahindra-controlled automobile major Mahindra & Mahindra,  is planning to purchase a stake in National Electric Vehicle Sweden AB (NEVS), the holding company that bought assets of Saab Automobile two years ago. 
 
Essar Oil will sign a 10-year deal to import crude oil from Russia as President Vladimir Putin pushes to deepen energy ties with India to counter to US sanctions. 
 
Jindal Steel and Power commissioned the country's largest billet caster plant at Angul in Odisha. 
 
Sintex Industries said it will set up a textile processing plant near Pipavav port at an investment of Rs55bn by 2017-18. 
 
 Welspun Renewables Energy has closed financing for its 126 MW wind project in Rajasthan, debt component of Rs6.3bn has been secured through long term funding from a consortium of financial institutions, said the company in a statement 

Sensex slips 200 points...Nifty below 8,300 levels

At 9:48AM, the S&P BSE Sensex is trading at 27,613 down 217 points, while NSE Nifty is trading at 8.289 down 66 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Consumer Durables indices is only the gainer, Auto, Power, banking, capital goods, FMCG, Oil and gas, healthcare metal, Realty indices are losers.

Bharti Airtel, Sun Pharma, HDFC, Tata Steel, M&M are among the gainers, whereas GAIL, Tata Motors, DRREDDY, Infosys, BHEL are losing sheen on BSE.

The Dow fell 1.51% while S&P 500 shed 1.64%. Nasdaq is down 1.73%. Asian shares are mixed. Japan's Nikkei 225 index and Hong Kong's Hang Seng index were lower while China's Shanghai index was trading higher.

Stocks like Jet Airways are soaring high in turbulent weather even as SpiceJet is struggling for a safe landing.

The Union Cabinet, chaired by the Prime Minister Narendra Modi, today approved the various amendments to the Electricity Act, 2003 as per the proposed Electricity (Amendment) Bill, 2014. 

The cabinet approved plans to raise about Rs1.6 trn by selling some of its stakes in state-run banks by 2019, a government reportedly said.

The Reserve Bank of India (RBI) is planning come out with guidelines on refinance of existing projects as demanded by the industry, deputy governor S S Mundra reportedly said.

Shares of Spicejet Ltd was up 1% at Rs16 on reports that the airline started offering cut-price fares on some sectors. 

Sensex opens on a weak note

At 9:16AM, the S&P BSE Sensex is trading at 27,748 down 83 points, while NSE Nifty is trading at 8.338 down 16 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Consumer Durables indices is only the gainer, Auto, Power, banking, Capital goods, FMCG, Oil and gas, healthcare metal, Realty indices are losers.

Bharti Airtel, Sun Pharma, HDFC, Tata Steel, M&M are among the gainers, whereas GAIL, Tata Motors, DRREDDY, Infosys, BHEL are losing sheen on BSE.

The Dow fell 1.51% while S&P 500 shed 1.64%. Nasdaq is down 1.73%. Asian shares are mixed. Japan's Nikkei 225 index and Hong Kong's Hang Seng index were lower while China's Shanghai index was trading higher.

Stocks like Jet Airways are soaring high in turbulent weather even as SpiceJet is struggling for a safe landing.

The Union Cabinet, chaired by the Prime Minister Narendra Modi, today approved the various amendments to the Electricity Act, 2003 as per the proposed Electricity (Amendment) Bill, 2014. 

The cabinet approved plans to raise about Rs1.6 trn by selling some of its stakes in state-run banks by 2019, a government reportedly said.

The Reserve Bank of India (RBI) is planning come out with guidelines on refinance of existing projects as demanded by the industry, deputy governor S S Mundra reportedly said.