The benchmark indices seemed to be clueless and made a muted opening in the morning trade. The investor concerns and the selling pressure surmounted when the reports of Delhi Court permitting Subramaniam Swamy to examine the witnesses in the 2G case appeared later in the morning. The markets experienced steep fall then onwards and all the sectoral indices on BSE closed with a red mark. ADAG pack led the losers; Oil stocks also dragged the indices down with the fall in crude price. The breadth remained extremely weak with 66% declines.
SREI Infrastructure Finance: CMP: ` 28 (+3%)
The infrastructure financing company continued to mount on the buzz that the company is looking to raise ` 450 crores in order to increase its loan book size. The stock has galloped nearly 25% in the last five trading sessions. The company is reportedly said to have been working on raising funds through equity alongwith a foreign bank.
UTV Software: CMP: ` 980 (+3%)
The share price moved up following the government approval for the Walt Disney’s Buyout proposal for the firm. Walt Disney, which currently owns 50.28% stake in the firm, has proposed to increase its stake-holding to 100%. The other promoters are Rohinton Screwwala, Unilazer Exports & Mgmt. Consultants, Unilazor HK & Zarine Mehta.
Gujarat Flurochemicals: CMP: ` 407 (-1%)
The company having interests in industrial gases, refrigerants, chemicals and carbon credits has entered into a JV with Gujarat Mineral Development Corporation (GMDC) and Navin Fluorine International (NFIL) to undertake a Fluorspar Beneficiation Project. However, all the early gains were lost with the sudden & drastic fall in the markets.
Coal India: CMP: ` 313 (-3%)
The company downgraded its production guidance for the current fiscal year. The country’s leading coal producer which had earlier provided guidance of 461 MT for FY12 has now lowered it to 440 MT.