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Volatile market slips again
August, 31st 2009

Markets have turned volatile and have slipped sharply in to the red led by all round selling seen on the bourses. Barring the BSE Realty index all the other major BSE sectoral indices are in the negative terrain.

However, the Mid-Caps and the Small-Caps continue to remain in demand outperforming the benchmark indices.

Among the 30-components of Sensex, 22 are in the red and 8 are in the positive terrain. Among the major laggards were L&T, Infosys, Reliance Industries, ICICI Bank, Bharti and TCS. Bucking the negative trend were, ONGC, DLF and NTPC.

At 1:08 pm (IST), the BSE 30-share Sensex slipped 200 points at 15,722 and the NSE Nifty fell 60 points at 4,671.

Shares of Maytas Infra are locked at 5% upper circuit at Rs112.75 after the board of directors of the company received a proposal to substitute existing promoter, they also got proposal to acquire management control.

The board has referred the proposal for new promoter to the company Law board. Salman Khurshid the Union minister of corporate affairs said, that IL&FS will be promoter of Maytas Infrastructure. IL&FS is currently the largest holder in Maytas and wants two of the government nominees to continue on board.

Earlier in the day ~1.7mn shares, or 2.8% equity shares of the Maytas, changed hands in five transactions.The stock opened at Rs112.75 and made an intra-day high of Rs112.75 and a low of Rs103. Total traded volumes stood at 1.8mn shares.

While, shares of IL& FS have shot up by over 10% to Rs252. The stock opened at Rs228 and made an intra-day high of Rs254 and a low of Rs223. Total traded volumes stood at 0.5mn shares.

Shares of Deep Industries have surged by 4% to Rs91 after the company announced that it won orders worth Rs77.5mn from ONGC. The stock opened at Rs87 and made an intra-day high of Rs91 and a low of Rs85. Total traded volumes stood at 0.17mn shares.

Shares of Bharti Airtel are down by 1.5% to Rs429. According to reports, The SAT dismissed a petition filed by a Bharti shareholder opposing an informal guidance by the SEBI exempting MTN Group from having to make an open offer to Bharti shareholders in the event of a merger of the two. The stock opened at Rs428 and made an intra-day high of Rs437 and a low of Rs429. Total traded volumes stood at 1.4mn shares.

Shares of Tech Mahindra are trading higher by 2.5% at Rs939 after reports stated that LOOP Telecom shortlisted the company along with Wipro and IBM for an IT outsourcing contract worth around US$400mn. The stock opened at Rs915 and made an intra-day high of Rs949 and a low of Rs903. Total traded volumes stood at 0.9mn shares.

Shares of ONGC are trading with smart gains and are up by 1.2% at Rs1192 following reports that the company has decided to invest US$1.7bn by 2012 to develop two clusters of marginal fields off the Mumbai coast. The stock opened at Rs1178 and made an intra-day high of Rs1202 and a low of Rs1162. Total traded volumes stood at 0.68mn shares.

Shares of GlaxoSmithKline have surged by 2.5% to Rs1116 after reports stated that the company is in talks with government for introducing its patented drug, Relenza, which is used for the treatment of Influenza A H1N1. The stock opened at Rs1035 and made an intra-day high of Rs1128 and a low of Rs1035.

Shares of Geodesic Ltd have gained by 3% to Rs124.7 after the board of directors f the company approved the acquisition of a company in the space of communication and social networking with offices globally. The stock opened at Rs119 and made an intra-day high of Rs126 and a low of Rs118. Total traded volumes stood at 0.18mn shares.

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