Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusinessMarkets

Sensex flat, Midcap falls; Sesa Sterlite, Glenmark decline

Sesa Sterlite too declined 0.4 percent, reacting to similar reasons. The government rejected BALCO's bid for for Gare Palma IV/1 which was at Rs 1585 per tonne.

March 23, 2015 / 11:34 AM IST

Moneycontrol Bureau

11:30am Interview: Seshagiri Rao, Joint MD and Group CFO, JSW Steel, said the passage of the MMDR bill, which will pave the way for a transparent auction for minerals in a similar way as the coal auctions, will help ensure supply of raw material.

“There will be some relief about the renewal of mining leases, which are pending in various states,” he said. “If that can be done quickly it will bring 30-40 million tonne of iron ore into the market, which will be a great relief for the steel industry.”

11:00am Market Check

The market continued to be rangebound. The Sensex rose 29.02 points to 28290.10 and the Nifty advanced 5.25 points to 8576.15. However, the broader markets underperformed, falling marginally.

Declining shares outnumbered advancing ones by a ratio of 1449 to 866 on the Bombay Stock Exchange.

JSPL topped the selling list, down 9 percent after the government rejected three of its successful blocks in the recently concluded coal block auctions. JSPL had won bids for Tara coal block at Rs 126 per tonne and for Gare Palma IV 2 and 3 blocks at Rs 108 per tonne. Sources told CNBC-TV18 that JSPL is likely to move Delhi HC today.

Sesa Sterlite too declined 0.4 percent, reacting to similar reasons. The government rejected BALCO's bid for for Gare Palma IV/1 which was at Rs 1585 per tonne. However, Usha Martin jumped 15 percent as the government accepted bids for Brinda & Sasai coal block won by company at Rs 1,804 per tonne.

Tata Motors gained 1 percent. The company has a board meeting on March 25 to consider details terms of proposed rights issue which is of upto Rs 7,500 crore. The company will also consider a buyback of secured NCDs with face value of Rs 1,250 crore.

Glenmark Pharma lost nearly 2 percent as the Delhi High Court has restrained the company from manufacturing and marketing its anti-diabetic drugs Zita & Zita Met. These 2 products combined were expected to contribute around 5 percent to the company's sales. Nomura says it expects an impact of around 4 percent of the company's FY16 EPS.

Globally markets remained firm with the Nikkei and Shanghai Composite sitting at fresh highs. Brent crude hovered around USD 55 per barrel.

first published: Mar 23, 2015 11:00 am

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347