Sensex down 130 points as weakness persists; Alfa Laval jumps on de-listing proposal

Last Updated: Mon, Sep 19, 2011 06:28 hrs

The market, which drifted lower following a weak opening, continues to languish in negative territory amid lackluster trades as investors remain quite reluctant to pick up stocks amid concerns about the financial situation in Europe and on worries about a likely slow down in industrial growth back home due to high interest rates.

Capital goods stocks continue to trade weak with a marked decline in the sectoral growth in July hurting sentiment to a significant extent. Metal, bank and FMCG stocks too are mostly down in negative territory.

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Realty, power and information technology stocks are trading mixed. Pharma and oil stocks too are exhibiting a mixed trend this morning. Automobile stocks, which moved up a bit after a flat start, have given up most of their gains due to lack of support at higher levels. A few stocks from consumer durables sector have edged higher.

At 16,803, around 30 points off the day's low of 16,772.45, the Sensex is now down 130.83 points or 0.8% from its previous closing mark. The Nifty is down 34.75 points or 0.7% at 5049.60.

Larsen & Toubro, Cipla, ICICI Bank, DLF, Sterlite Industries and Hindalco are trading lower by 1.5% - 2.2%. Bajaj Auto, State Bank of India, Hindustan Unilever, Sun Pharmaceuticals and ITC are down 1% - 1.2%.

ONGC, Jaiprakash Associates, Tata Steel, BHEL, Tata Consultancy Services, HDFC, Jindal Steel, Reliance Industries and Infosys are also trading weak.

Tata Motors and Wipro, Bharti Airtel are up 0.5 %- 0.7%. Tata Power, Maruti Suzuki and HDFC Bank are up marginally.

Among BSE 'A' Group stocks, Dish TV India is down 3.7% at Rs 74., Reliance Infrastructure, Shree Renuka Sugars, Aban Offshore, Cadila Healthcare, Jubilant Foodworks and Reliance Capital are trailing their previous closing levels by 2% - 3%.

Thermax, Fortis Healthcare, JP Infratech, Aurobindo Pharma, Opto Circuits, GVK Power, DB Realty, HDIL, Sun TV Network, Indiabulls Financial Services, Jet Air India, Mundra Port and Cummins are up 2% to 4.5%.

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Midcap stocks KGN Industries, JSL, Simplex Infrastructure, Eclerx Services, J&K Bank, IVRCL, Usha Martin, Sobha Developers, MindTree, Gujarat NRE Coke, Unichem Laboratories and Hindustan Oil are trading notably lower.

Alfa Laval has spurted to Rs 2280, gaining more than 16%. Last week, the company announced that it won a food order worth Rs 73.7 crore. The company also announced that Alfa Laval Corporate AB, Sweden has decided to seek a voluntary delisting of Alfa Laval (India) Limited. The company will be making a delisting offer to the public shareholders to acquire upto 2,040,202 Shares constituting 11.23% of the paid-up equity share capital. The Promoter of the Company currently holds 16,120,281 Shares in the Company constituting 88.77% of the Company's paid-up equity share capital.

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