Sensex, Nifty remain sluggish; Dr Reddy's, Tata Motors up

Moneycontrol Bureau1:55 pm Exclusive: Mahindra & Mahindra is planning to consolidate all its agri business under EPC Industries , sources say. M&M's agri business has growth 8x in 5 years. EPC Industries is likely to be the vehicle for agri business of M&M Group and may be renamed post consolidation of all agri units. M&M had acquired EPC Industries in February 2011.1:45 pm Recall: Volkswagen India is set to recall 1 lakh diesel cars following an unsatisfactory report from the Automotive Research Association of India (ARAI) on compliance with Indian emission norms, reports CNBC-TV18's Farah Bookwala Vhora, quoting sources.In the aftermath of the emission scandal that engulfed German carmaker Volkswagen (VW) in the US, several countries began independent investigations. India too joined that list with the Ministry of Heavy Industries directing India's apex car testing agency, to check if VW had manipulated Indian emission norms. It is learnt that VW India is preparing to recall the cars before November 8. This recall will affect 1.5 litre Polo GT TDI, 1.5 litre Polo Cross TDI, 1.5 litre Vento TDI, 2.0 Litre Jetta, 2.0 Litre Passat and will include 20,000 units of India-made diesel cars. 1:30 pm Result: Private sector lender Yes Bank 's July-September quarter earnings beat analysts' expectations on Thursday. Profit increased 26.4 percent year-on-year to Rs 610.4 crore, driven by strong net interest income, other income and operating profit. However, higher provisions and tax cost limited profitability. Net interest income, the difference between interest earned and interest expended, jumped 29.5 percent to Rs 1,108.5 crore in same period, boosted by credit growth. Profit was estimated at Rs 593 crore and net interest income at Rs 1,085.8 crore for the quarter, according to analysts polled by CNBC-TV18.Don't miss: Ambuja slips 3% post Q2 but why are analysts not worried yet?

The market is still down as the Sensex slips 148.16 points or 0.6 percent at 26891.60. The Nifty falls 42.30 points or 0.5 percent at 8128.90. About 1142 shares have advanced, 1255 shares declined, and 218 shares are unchanged.

Dr Reddy's Labs, Tata Motors, Lupin, Tata Steel and Vedanta are top gainers while BHEL, Axis Bank, Bahrti Airtel, GAIL and Sun Pharma.

Meanwhile, emphasising on the significance of Africa for India, Modi said, "African energy helps run the engine of the Indian economy, its resources are powering our industries, and African prosperity offers growing market for Indian products." He added that Africa's economic growth has gathered momentum and has a more diversified base. African initiatives are replacing old fault lines with new bridges of regional economic integration, he said. Modi also said that technology can be a strong foundation of the partnership between India and Africa.