M&M (9.02% down)
The Mahindra and Mahindra (M&M) stock declined 9.02% on poor monsoon concerns. Kotak Institution said that the stock could see lower demand for tractors. The firm has direct exposure to agricultural demand with 60% demand coming from rural areas.
Moser Baer (2.25% down)
The Moser Baer stock declined 2.25% . The apex court had issued a notice to the firm asking it to show reason why they should not be asked to pay income tax of Rs2,978 crore. The firm clarified that the income-tax department has demanded Rs2.98 crore and not Rs2,978 crore.
ACC (6.86% down)
The shares of ACC fell 6.86% as cement demand has been impacted due to a weak monsoon. Enam Securities said the negative impact of the monsoon could last for six-nine months. The prices of cement have seen a correction of 2-5% from their peak across the country, except the eastern parts.
Cipla (2.45% up)
Shares of Cipla were up 2.45% as it is one of the few companies in the world which can produce Tamiflu drug to treat the global A/H1N1 flu. Brokerage firm CLSA said they expect Cipla to generate significant free cash in 2010-11. The brokerage has a 12-month price target for Cipla at Rs300.
TCS (5.88% up)
The TCS stock was up 5.88% after a couple of upgrades. Enam Securities has revised the target for the stock from Rs507 to Rs592. Deutsche Bank has upgraded the ratings for the information technology sector, with recommendations to buy shares of Infosys, TCS, Wipro.
Tata Motors (2.62% down)
The Tata Motors stock declined 2.62% to close at Rs403.85 as its Jaguar-Land Rover unit posted a loss in July. Jaguar’s sales in July dropped 31% year-on-year in the UK, whereas Land Rover’s sales fell by 10% in the month, one of the lowest year-on-year declines for a year.
HOEC (10.02% up)
Hindustan Oil Exploration Co. (HOEC) shares were up 10.02% on reports that the firm’s main hydrocarbon field, PY-1, was close to producing gas. Sources among the potential buyers of the natural gas from the field said they expect gas production to begin not later than end-September.
Apollo Hospitals (3.39% up)
Apollo Hospitals shares were up 3.39% as the A/H1N1 virus spreads in India. The firm has plans to invest $150-175 million to set up five specialty hospitals for children, four in India and one likely in Nigeria, by 2011. The stock closed at Rs560.40 on the National Stock Exchange on Monday.