Indian markets had a very weak opening today with Nifty at 7729. Throughout the day it recovered most of its losses to close beyond the level of 7780(-0.39%). The market breadth was a bit bearish today with a total Advance of 23 and decline of 27. The overall volume of Nifty was close to 710,000,000 today.
The sectoral performance was a mixed bag today with minor gains in CNX AUTO (0.78%) and CNX MEDIA (0.13%). The highest losers today were CNX PSU BANK (-1.71%) and CNX METAL (0.81%)
Pennar Engineered Building Systems fell 5% on Day 1 of listing– Shares of Pennar Engineered Building Systems on Thursday opened at Rs 177.95 against issue price of Rs 178 on the National Stock Exchange. The Rs 156-crore issue was opened for subscription during August 25-27. Pennar Engineered Building Systems, a subsidiary of Pennar Industries (manufacturer of engineering products), is a custom designed building systems solutions provider. Its capabilities include designing, manufacturing, supply and assembly of custom designed building systems. The issue proceeds will be used for repayment in full or part of certain working capital facilities; financing the procurement of infrastructure (including software and hardware) for the expansion of design and engineering services; and general corporate purposes.
Shree Pushkar Chemicals & Fertilisers slips 8% on the first day of listing– The Shares of Shree Pushkar Chemicals & Fertilisers opened at Rs 60.05 on the listing date against issue price of Rs 65 on the National Stock Exchange down by 8% but managed to close at Rs 63 down by 3%.
Domestic car sales rises 6% and motorcycle sales declined 9.59% in August– Motorcycle sales declined 9.59% to 8,23,053 units last month vis-a-vis 9,10,312 units a year ago while domestic passenger car sales rose 6.06% to 1,63,093 units in August from 1,53,781 units in the same month a year ago as per the data released by the Society of Indian Automobile Manufacturers (SIAM). SIAM reported that Total two-wheeler sales in August was down 2.98% to 13,05,350 units as against 13,45,506 units in the same month last year while Sales of commercial vehicles were up 7.58% to 52,198 units in August. Vehicle sales across categories registered a decline of 2.07% to 16,26,148 units from 16,60,512 units in August 2014, it added.
Suven Life Sciences up by more than 12%– The company has secured 5 product patents. It has a total of 17 granted patents from China, 7 from Israel, 20 from Mexico, 21 from Singapore and 11 from Sri Lanka including the new patents.