MUMBAI: 10.30 am: Shares of Jindal Steel and Power (JSPL) wiped off its initial losses and was trading 1.26 percent up at Rs 80.20.
10.17 am: Meanwhile, S H Kelkar stocks listed on BSE and NSE. Shares of S H Kelkar opened at a premium of 23 percent from its issue price of Rs 180 per share. The scrip opened at Rs 222 on BSE and at Rs 223.70 on NSE. The price band for the IPO was fixed at Rs 173-180 per share. The company had fixed the issue price at Rs 180 per share, the upper end of the price band. The fragrance maker’s Rs 500-crore initial public issue (IPO) which closed last month had received an overwhelming response from investors and was over-subscribed 27.08 times.
Sensex was down 103 points at 25,506. Nifty was down 34 points at 7,728.
9.44 am: The rupee weakened by 9 paise to 66.19 against the dollar in early trade, snapping its two-day winning run, on fresh demand for the U.S. unit from importers.
9.28 am: The government has kick-started the process of disinvesting 5 percent more in Container Corporation of India (Concor). The Department of Disinvestment has invited bids from merchant bankers to take forward the proposal to disinvest an additional 5 percent in the Navaratna public sector unit. The government holds 61.8 percent in Concor, the only listed public sector unit of the Railway Ministry. Concor, which was started in 1988 as the only firm with the right to move container trains, now operates in a competitive environment, but still holds over 70 percent of the containerized rail market. The share price of the company was down 0.44 percent in the early trade.
9.18 am: Sensex was down 105.62 points at 25,504.91. Shares of Bhushan Steel will remain in focus on Monday as the company has received an approval for sale and lease back arrangements of Cock Oven Plant -I and Oxygen Plant -V of the company situated at integrated steel plant, Meramandali in state of Orissa. The board of directors at their meeting held on November 14, 2015 has given an approval for the same. Shares of Bhushan Steel were trading up over 2 percent in the early trade.
9.15 am: Domestic shares opened on a weaker note on Monday, tracking heavy selling in other Asian markets, where sentiment remained bearish in the wake of last week’s deadly attacks in Paris and downbeat data from Japan. During the day, sentiment would be further guided by the announcement of wholesale inflation data, say experts.
Sensex opened 30.38 points down at 25,580. Nifty opened 29.30 points down at 7732.95.
As per provisional figures, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) sold shares worth net Rs 746.7 crore on Friday. Domestic institutional investors bought shares worth Rs 70.89 crore on that day.
Jindal Steel and Power (JSPL) plans to cut costs and divest some non-core assets, as it swung to a second-quarter loss due to a drop in iron and steel sales and a one-time charge linked to an overseas unit. Steelmakers including Tata Steel, JSW Steel and Jindal Steel have seen sales dented in the past few quarters due to rising imports from China, Japan, South Korea and Russia. JSPL registered a consolidated loss of 6.2 billion rupees ($94 million) in the September quarter, compared with a profit of 4.4 billion rupees in the year-ago period.
The benchmark BSE Sensex on Friday declined by 256.42 points to a two-month low of 25,610.53 on bearish macroeconomic data even as muted global cues continued to rile domestic investors. This was the sixth fall in last seven sessions.
Nifty 50 index lost 62.75 points, or 0.80 percent, at 7,762.25 on Friday.
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