Moneycontrol
Last Updated : Jan 01, 2014 02:55 PM IST | Source: Moneycontrol.com

Volatile Nifty holds 6300; UB Holdings top smallcap gainer

UB Holdings topped the buying list, rising 17.85 percent. Ashoka Buildcon gained 15.08 percent as the company received Rs 596.28 crore worth of order from Tamil Nadu Generation and Distribution Company.


Moneycontrol Bureau
Live Market Commentary


02:55pm ONGC speaks to CNBC-TV18


With diesel under-recoveries still at a steep Rs 10.5 per litre, it is only a matter of time before the government does away completely with price controls, believes Sudhir Vasudeva, CMD, Oil and Natural Gas Corporation.

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“There is absolutely no other way because the government cannot give more [subsidy] -- with both the current account and fiscal deficits being under pressure,” Vasudeva said in an interview with CNBC-TV18. “Oil marketing companies cannot borrow more, the interest burden is back-breaking. Where is the choice?”


While the government has allowed oil marketing companies to raise diesel prices by 50 paise a litre every month, a price hike did not take place today. But Vasudeva termed it as an “aberration” and said he did not believe the government would have called for it.


02:40pm Religare sees new launches by 4-wheeler companies


Mihir Jhaveri, Director-Institutional Research, Religare Capital Markets expects 2014 to be a year of new launches by four-wheeler companies. He believes whoever launches new models will be garnering volume share. However, he prefers two-wheeler companies over four-wheeler ones.


For the passenger vehicle market, he believes the macroeconomics is not good and therefore the discretionary spend is going to be low unless there is clarity in terms of politics. 


Maruti’s domestic sales are in line. But exports have gone down on the back of some of the international markets imposing higher duties.


02:30pm Viceroy Hotels in bull grip


Viceroy Hotels shares gained 15 percent to Rs 22 apiece as the company says JW Marriatt deal had been concluded in favour of Ceebros Hotels Private Limited, Chennai as per the resolution passed by the shareholders.


This is after reaching a settlement with the bankers of Chennai project division.


02:14pm Equity benchmarks are directionless in afternoon trade on Tuesday due to lack of trigger and low volume, but midcap and smallcap continued to see buying interest.


The Sensex fell 17.34 points to 21,153.34, and the Nifty declined 0.90 points to 6,303.10. About 1467 shares have advanced, 817 shares declined, and 1148 shares are unchanged on the BSE.


The BSE Midcap Index is up 0.35 percent and Smallcap gained 1.3 percent.


Lupin shares gained 1.5 percent as the company obtained USFDA tentative approval for Niacin generic. Lupin is expected to launch in March and it is expected to have 100 days before other generic players come.


In the midcap space, Punj Lloyd, Jindal Saw, Godrej Properties, Sadbhav Engg and DB Realty rallied 7-12 percent.


Among smallcaps, UB Holdings topped the buying list, rising 17.85 percent. Ashoka Buildcon gained 15.08 percent as the company received Rs 596.28 crore worth of order from Tamil Nadu Generation and Distribution Company.

Elder Pharma, Patel Engineering and Transport Corporation surged 8-12 percent.

First Published on Jan 1, 2014 02:28 pm
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