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Market Update

Sensex Drops 0.9%; Bajaj, TVS Sales Rise, Hero, Tata Motors Sales Fall

Author: Mukesh Buch
Last Update: 8:36 AM ET September 02 2015

6:00 PM Mumbai – Hero MotoCorp, the largest two-wheeler maker said sales in August declined 14% but Bajaj sales rose 2%. Third largest scooter maker TVS Motor said sales edged up 0.7%. Largest truck maker Tata Motor said domestic sales fell 3%.

Market indexes in Mumbai traded down in choppy session and rupee held firm near record low after volatile markets in Asia turned lower on another of decline in Shanghai.

Markets in Europe and New York dropped more than 3% in overnight trading on the growing worries that Chinese economic data may understate the economic decline.

China’s official gauge of manufacturing sector dropped to a three-year low in August and service sector also weakened according to a private survey. In addition, markets were lower today on the worries that the property sector may weaken more after the latest stock market plunge.

Rupee strengthened 3 paisa to 66.18 against one U.S. dollar.

The Sensex Index dropped 542.88 or 0.9% to close at 25,453.56. The CNX Nifty slipped 68.85 or 0.9% to 7,717.

Gainers & Losers

Alphageo India Ltd surged 5.9% to ₹414.10 after the company secured a contract worth $3 million in Myanmar.

Bajaj Auto Limited advanced 1.9% to ₹2,207.35 after the second largest two-wheeler maker reported sales in August rose 2% from a year ago to 341,965 units.

Total motorcycle sales in the month increased 2% to 290,436 units but commercial vehicles sales fell 2% to 51,529 units.

Hero MotoCorp Limited fell 1.8% to ₹2,343.25 after the largest motorcycle maker said two-wheeler sales in August declined 13.9% from a year ago to 480,537 units.

Max India Limited edged up 0.6% to ₹489.50 after the insurance services provider said that the company is in talks with four private equity firms for the sale of a 22% stake in Max Life Insurance.

Snapdeal.com, the second-largest online marketplace operator acquired the U.S-based advertising company Reduce Data for an undisclosed sum.

Tata Motors Limited decreased 1.3% to ₹325.25 after the truck and motor vehicle maker said August sales slid 0.5% to 40,680 units.

Domestic sales in the month declined 3% to 35,478 units but export rose 16% to 5,202 units.

TVS Motor Company Limited gained 1.6% to ₹220.25 after the 2-wheeler maker said total sales in August edged up 0.7% from a year ago to 216,781 units.

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