The markets which have been on a sloping lane finally took a break and investors took a sigh of relief. Though the whole trading session remained highly volatile and the last hour of the trade lost some early gains, the broader markets ended in the green region. IT & Metal remained at the top on the positive side while Consumer Durables & FMCG were badly hurt. Earlier, the US markets closed with deep cuts while Asia was mixed. European markets were trading in the green territory.
Amtek Auto: CMP: ` 121 (+19%)
The stock price skyrocketed on the news of a buyback program announced by the company. The maximum offer price for the buyback is ` 200 per share and the buyback is scheduled to take place between 08th December 2011-24th August 2012. The company has set aside a sum of ` 291 crores to buy 30 lakh equity shares.
Force Motors: CMP: ` 585 (+16%)
The share price of this automobile company shot up to hit the upper circuit during the morning trade. The company announced that it would sell its shares in a JV for € 150 mn to its German partner MAN Truck and Bus AG. The companies will continue to cooperate with each other and with MAN Force Trucks based on a new contractual arrangement.
Rural Electrification Corporation: CMP: ` 187 (+3%)
The reports that Tamil Nadu Electricity Board (TNEB) has sought the regulator’s approval to increase tariffs by 38%, caused share price to spurt. Earlier, REC had extended financial assistance to the TNEB for enhancing the power generation capacity as well as strengthen its transmission and distribution network.
Thomas Cook: CMP: ` 40 (-10%)
The shares of company’s UK based parent Thomas Cook Group Plc, listed on London Stock Exchange (LSE) slumped over 70% in today’s trade. The group has been struggling for a long time had a net debt of over £900 mn as on 30 June 2011.