The benchmark indices opened on a flattish note following the global trends. The broader markets remained highly volatile with the negative bias throughout the day before ending up with moderate losses. Power and Capital Goods counters experienced some buying while Metals, Consumer Durables and Realty stocks witnessed selling pressure. Earlier, the US markets closed flat, Asian indices were mixed while European bourses were trading firm. The market breadth remained thin with almost 47% advances and declines each. Nifty Future was also moderately down.
Ashok Leyland: CMP: ` 26 (+6%)
Share price of auto-maker surged as the sales volume of commercial vehicles increased 53% YoY to 7,878 units during the month of November 2011. The domestic sales jumped 67% while the overseas sales rise 12% on an annual basis.
Amtek India: CMP: ` 95 (+2%)
The stock witnessed an uptick after the company announced that the board is likely to meet on 9 December 2011 to consider raising funds through various options such as loans, ECBs, debentures, bonds, warrants, etc.
Bank of India: CMP: ` 346 (+2%)
The stock moved up on the news that the state run bank has agreed to buy 51% stake in Bharti AXA Mutual Fund. The France based AXA Investment Managers is one of the largest asset managers with approximately € 514 bn in assets under management at the end of September 2011.
Man Industries: CMP: ` 115 (+1%)
The company secured export orders worth ` 515 crores for supplying large diameter pipes for Oil & Gas sector. The new orders have reportedly come from South East Asia taking the outstanding order book to ` 1,500 crores executable in next 9-12 months.