Wednesday, 15 April 2015

Sensex falls, Midcap gains; Tata Motors up, ACC rises

10:25am Gujarat Gas in News: Gujarat Gas said pursuant to the letter dated April 01 from PNGRB, received by GGCL on April 10 granting GGCL an authorisation to lay, build, operate, or expand city or local natural gas distribution network (CGD network) for the geographical area of Thane, GGCL has accepted the authorisation in schedule D of the PNGRB vide a confirmation letter to PNGRB, on April 13.

As per the provisions of the PNGRB (exclusivity for city or local natural gas distribution networks) Regulation, 2008, GGCL has been granted 300 months of infrastructure exclusivity i.e. valid up to April 01, 2040 and 60 months of marketing exclusivity valid up to April 01, 2020 for the CGD network.
Further, the authorised area for laying, building, operating or expanding the proposed CGD network will cover a geographical area of 8,683 square kilometer, said the company in its filing to the exchange.

10:00am Market Check

The market declined marginally on profit booking in healthcare, technology and telecom stocks. Index heavyweights Reliance Industries and HDFC also saw selling pressure. However, banks stocks bucked the trend.

The Sensex dropped 60.98 points to 28983.46 and the Nifty fell 20.10 points to 8813.90 while the broader markets continued their outperformance, up half a percent. About 1260 shares have advanced, 727 shares declined, and 137 shares are unchanged on the BSE.

Tata Motors slipped 1.8 percent post JLR retail sales growth of 6 percent in March, which was slightly than street estimates. Jaguar volumes were down 20 percent year-on-year while Land Rover volumes jumped 13 percent Y-o-Y. China volumes were the biggest disappointment, at 7000 units, down 34 percent Y-o-Y.

ACC gained 1.5 percent  as Q1 results positively surprised at the EBITDA level. Deutsche Bank said Q1 was off to a robust start and they raised CY15E EPS by 5 percent and increased target price to Rs 1630/share. However, Goldman Sachs maintained a sell and said volume decline in Q1CY15 results reinforced its view that ACC will continue to lose market share as it has not added capacity. For More information please visit this site

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