Prices may rise only after April as export demand picks up. Lack of sufficient orders and high prices had hit many mills in the first half of FY24
Benchmark indices recouped losses in last hour trade, with the Nifty getting back above 8900 level, supported by Infosys and Reliance Industries.
Led by the sharp fall in the stock, the company's market value dropped Rs 840.92 crore to Rs 8,463.08 crore. Market participants said an overall sluggish investor sentiment in a weak stock market prompted profit booking in the stock.
The overall capacity utilisation of the company is hovering around 60-65 percent.
In an interview to CNBC-TV18, Naresh Takkar, MD of ICRA speaks about the company's earnings for the June quarter. He expects margins to be hit in the coming quarters if the market conditions did not improve.
Whether it was for filling coffers or giving a much-needed push to the economic growth, the government turned to cash-rich PSUs during 2012 which will go down as one of the most challenging year for corporate India.
It looked like a very sluggish day for the market maybe it is the December affect, news flows slowing coming to an end and even before the monetary policy tomorrow, there is no sign of great excitement on the street.
India's local oil products sale in April edged up 0.2% from a year ago, the slowest pace since September 2010, on weak demand for auto and commercial fuels, indicating industrial output may have remained sluggish during the month
Gold demand in India remained sluggish on Monday as people held off buying during year-end holidays and an inauspicious month for purchases provided a further deterrent, dealers said.
Nokia recently introduced the Symbian Belle update to the world. They also announced three new smartphones running the Belle update viz. Nokia 600, 700 and 701.