NEW DELHI: Nifty Auto index was trading lower at 01:55PM (IST) on Thursday. Shares of Motherson Sumi Systems (down 3.15 per cent), Balkrishna Industries (down 2.74 per cent), Mahindra & Mahindra (down 2.13 per cent), Hero MotoCorp (down 2.09 per cent) and Ashok Leyland (down 2.0 per cent) were the top losers in the index. While Exide Industries (up 0.29 per cent), Bosch (up 0.08 per cent) and Maruti Suzuki (up 0.02 per cent) were among the top gainers. The Nifty Auto index was trading 1.31 per cent down at 10831.15 around 01:55PM. Benchmark NSE Nifty50 index was down 112.20 points at 15096.7, while the BSE Sensex was down 449.93 points at 51253.9. Among the 50 stocks in the Nifty index, 22 were trading in the green, while 28 were in the red.
Read more about Auto stocks soften on Business Standard. Auto stocks were trading in red, with the S&P BSE Auto index decreasing 286.61 points or 1.16% at 24476.38 at 13:48 IST.
MAHARASHTRA, India The board of directors of Balkrishna Industries Ltd. (BKT) has approved a capital investment plan valued at $257 million to increase capacity at plants in India, including its large OTR factory in Bjhuj and a new factory being built in Waluj.
The board of directors also…
Down 10% in 2 days, this tyre stock may remain under pressure amid capex plans
Investors are however skittish about the company’s decision to increase the capacity of carbon black a key ingredient for tyre making.
Synopsis
The tyre capacity expansion, which will be completed by the second half of FY23 is aimed at catering higher demand and has an estimated payback period of four years at the profit before tax level.
ET Intelligence Group: Balkrishna Industries’ decision to increase the extent of carbon black supply to third parties by expanding the existing plant capacity has not gone well with investors given the lower margin profile of the activity compared with the company’s overall operating margin. The stock of the off-highway tyre maker has lost 10% in the two trading sessions after the announcement on Monday evening. Its premium valuation over peers
PMS biggies flop again; small, midcap strategies steal the show
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Data compiled by PMS Bazaar showed Rising Start Opportunity strategy of Valentis Advisors, which invests in up and coming smallcap and midcap stocks, emerged the top performer with a 9.08 per cent return.
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NEW DELHI: PMS schemes focused on smallcaps and midcaps stole the show in January, as some big names from the industry failed to outperform their respective benchmarks thanks to a sell-off in stocks at the end of the month, which hit their returns.
Data compiled by PMS Bazaar showed Rising Start Opportunity strategy of Valentis Advisors, which invests in up and coming smallcap and midcap stocks, emerged the top performer with a 9.08 per cent return.