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Market Update

India Rejects Malaya Reappointment at Kingfisher, Hero Sales Rise

Author: Mukesh Buch
Last Update: 9:10 AM ET December 02 2014

6:00 PM Mumbai Bajaj Auto November sales slid 0.4%. Hero MotoCorp sales rose 3%. NBCC secured an order of Rs 1,850 crore in Arunachal Pradesh. Tata Motors total sales increased 2%.

The Sensex Index dropped 115.61 or 0.4% to close at 28,444.01. The CNX Nifty fell 31.20 or 0.4% to 8,524.70.

Gainers & Losers

Bajaj Auto Limited dropped 1.2% to Rs 2,602.85 after the second largest two-wheeler maker reported total sales in November slid 0.4% to 309,259 units compared to 310,591 units same period a year ago.

The company reported motorcycles sales declined 6% to 261,948 units from 278,703 units same period last year.

Commercial vehicles sales surged 48% to 47,311 units compared to 31,888 units a year earlier period.

Total export soared 24% to 165,733 units from 133,731 units same period last year.

Hero MotoCorp Limited fell 1.2% to Rs 3,220.25 and the largest motorcycle maker said November sales rose 3.18% to 547,413 units compared to 530,530 units same period a year ago.

The company controlled or influenced by the former controlling shareholder Vijay Malaya were in focus after the corporate regulator in a rare move disapproved the filing by Kingfisher to reinstate Vijay Malaya as the company chairman.

Kingfisher Airlines Ltd closed unchanged at Rs 1.34 and the government exercised in a rare move to block former Chairman Vijay Malaya from assuming the chairman position at the troubled airline.

Mangalore Chemicals & Fertilizers Ltd. rose 0.7% to Rs 89.90 after the latest move by the central government may force Chairman Vijay Malaya from the company board.

United Spirits Ltd surged 7.1% to Rs 2,913.

MOIL Limited advanced 1.6% to Rs 314.35 and the manganese ore producer received government approval for leasing of ore in Madhya Pradesh.

National Buildings Construction Corporation Limited jumped 4.1% to Rs 800.90 after the real estate developer secured road construction order for about Rs 1,850 crore in Arunachal Pradesh.

Tata Motors Limited slipped 1.3% to Rs 529 after the truck and motor vehicle maker said November total sales increased 2.1% to 41,720 units compared to 40,863 units a same period last year.

In November, commercial and passenger vehicles sales were flat at 37,427 units.

Total exports jumped 17% to 4,293 units compared to 3,671 units same period last year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc