The markets hit the morning trade on a muted ground and were dragged down to the new bottoms just before the noon. Nevertheless, the afternoon trade witnessed a wider recovery and the broader markets closed with decent gains. All sectoral indices on BSE ended with a green mark except FMCG and Consumer Durables. Earlier, the US markets were down more than two percentage points while European bourses were trading with handsome gains. The market breadth was not much strong with just over 50% advances. The mid-cap counters were back on the investors buying interest.
Forbes & Company: CMP: ` 426 (+7%)
The stock price of this firm, which is a group company of leading construction company Shapoorji Pallonji jumped on the news of Cyrus Mistry being appointed as the chairman of Tata Group as the successor of Ratan Tata. Cyrus Mistry is son of Pallonji Mistry whose company Shapoorji Pallonji is the biggest shareholder of Tata Sons. He will take over the position later next year.
Jindal Saw: CMP: ` 120 (+6%)
The stock ran northwards following the announcement of securing export orders worth ` 1,000 crores. The company received this export order for the supply of large diameter pipes and ductile iron pipes for overseas companies.
Hindustan Construction Company: CMP: ` 21 (+3%)
The shares increased as the company in a venture project with two other companies secured an order worth ` 987 crores. The project is to build a rail-cum-road bridge over Brahmaputra river in Assam.
Indian Oil Corporation: CMP: ` 261 (-0.5%)
Indian Oil Corporation rose after the announcement of an agreement signed with BP Plc to form a 50:50 JV to set up an ascetic acid plant in Gujarat. However, during the last hour of the trade the stock hit the red area.