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Metal Stocks drag market lower
Tue, 24 Feb 01:30 pm

Indian share markets continued to trade in range bound manner in the post noon trading session. Sectoral indices are trading mixed. FMCG and Realty sector are the leading gainers while Metal and Oil & gas sector witnessed maximum selling pressure.

BSE-Sensex is down 23 points and NSE-Nifty is trading 5 points down. BSE Mid Cap and BSE Mid Cap indices are trading down by 0.3% and 0.8% respectively. The rupee is trading at 62.18 to the US dollar.

Food and Tobacco stocks are trading on a negative note with Tata Coffee and Golden Tobacco being the biggest losers. However, Wadala Commodities and ITC ltd are trading on a positive note. According to a leading financial daily, diversified group ITC has won the bid to acquire Park Hyatt Hotel property in Goa. The hotel owned by Blue Coast Hotels was put up for public auction by IFCI Ltd for Rs 5.15 bn. ITC has to remit 25 per cent of bid amount of Rs 1.28 bn as per the terms of the tender document. Further, 75 per cent of the balance amount has to remitted within 15 days of the confirmation of sale. ITC has been scouting for acquisition opportunities in the hospitality industry for over a decade. Over the years, the company has acquired nearly 15% stake in EIH, the flagship of the Oberoi Group, as a strategic investment. ITC stock is trading up by 1.27% on the BSE.

Majority of the Auto Stocks are trading in the red. TVS Motors and Tata Motors are the biggest losers while Tube Investments and Maruti Suzuki are trading the strongest. According to a leading financial daily, Mahindra & Mahindra launched a limited edition of its sports utility vehicle XUV500, priced at Rs. 1.4 m. According to Mahindra & Mahindra Chief Marketing Officer, Automotive Division, Vivek Nayer, the model has been launched based on the feedback received from customers. He further stated that this particular model will create a new benchmark in premiumness and exclusivity to further enhance the XUV 500's appeal amongst its customers. The 'XUV500 Xclusive Edition' will be available on the W8 model of the XUV500 and the company would produce only 700 vehicles of this limited edition. M&M stock is trading flat.

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