Jamna Auto mulls new facilities at Hosur, Chennai

Jamna Auto Industries Ltd plans to set up two new manufacturing units for parabolic springs at Hosur in Karnataka and air-suspension springs at Chennai in Tamil Nadu. Both the plants are being set up at a project cost of Rs 80 crore. 

The Hosur facility with an annual capacity of 36,000 MTs is expected to be operational by December 2011. The company has planned capacity expansion at Hosur to meet the demand of major commercial vehicle manufacturers - Daimler India, Renault-Nissan, Leyland-Nissan & Ashok Leyland. Tata Motors’ requirement of parabolic springs is being met from the company's Malanpur plant.

The greenfield plant at Chennai will manufacture Air suspension, bogey suspension and lift axles in technical collaboration with Ridewell Corporation of USA. The company has acquired the land and prototypes developed are undergoing rigorous trial. Air suspensions are being increasingly used in low floor buses. The plant will commence commercial production from July 2011.

Source: http://www.projectsmonitor.com/MISC/jamna-auto-mulls-new-facilities-at-hosur-chennai

Sensex moves into the green

After a negative start, the Sensex has moved into the positive with the index gaining 35 points at 18,331 and the Nifty added 12 points at 5,482.In the broader markets, the situation is better with the smallcap index up 0.7% and the midcap index gaining 0.3%, both outperforming the Sensex which is up 0.1%

Among the sectoral indices, Realty up 1% is the top gainer in the morning trades followed by Auto, Power and Metal. Meanwhile, IT index down 1% is the major loser. Consumer Durables, Bankex, Health Care and FMCG are the other sectors trading in the negative.

Reliance Infrastructure up 9% is the top gainer among the Sensex stocks. HDFC, Sterlite, Reliance Communications, Tata Motors, Hero Honda, Bharti Airtel gaining 1% -2% are the other noteable gainers.

Infosys, SBI down 1% each, Wipro, TCS, BHEL,Bajaj Auto losing between 0.5% - 0.7% are the top losers in the morning trades.

The market breadth is positive. Of the total 2391 stocks traded on the BSE, 1435 stocks have advanced while 866 have declined.

Source:-http://www.business-standard.com/india/news/sensex-moves-intogreen/126590/on

Markets open on a quiet note

Markets opened on a soft note on cues from the global market scenario. Markets across the globe fell as Lybia's escalating tensions worried investors.

Sensex opened down 66 points at 18,229. The index recoevered thereafter and was up 13 points at 18,309.

Nifty advanced marginally to 5,474.

US markets slipped on Tuesday - taking in the global losses after remaining shut on Monday. Dow dropped 1.4% to 12,213. Nasdaq slumped nearly 3% to 2,756. S&P 500 was down 2% at 1,315.

Asian markets were mostly in red this morning. Hang Seng was down 106 points at 22,884. Nikkei slipped 21 points at 10,644. Straits Times dropped 1% to 2,991.

Back home on Tuesday, the Sensex ended down 142 points at 18,296 after a session of volatility. Nikkei ended down 49 points at 5,469.

Libya's political turmoil, New Seland's earthquake and the Indian Prime Minister's request to the Lok Sabha Speaker to proceed with the JPC formation to investigate into the burgeoning 2G spectrum scam were looked at by investors.

Markets will continue to look out for Monday's Budget session. Indices may turn volatile today, ahead of the derivatives expiry on Thursday.

BSE realty index gained 1.5% in morning trades to touch 2,081. Oil, auto and metals were also in green. However, IT index slipped 1% to 6,230.

Infosys shed 1.6% to Rs 3,092. Wipro, MphasiS, TCS and HCL Tech were down 0.5% each.

Stocks to watch out for the day would be Kotak Bank, Mahindra Finance, Petronet, Idea Cellular, Sun Pharma and NMDC.

Sterlite gained 2% at Rs 172. HDFC, Reliance Infra, Hero Honda and Hindalco were up 1-2% each.

Market heavyweight, Reliance was up 0.8% at Rs 994. 

Jaiprakash Associates, Tata Motors and Bharti Airtel were in green.

However, banking stocks were in red. SBI slipped 1% to Rs 2,700, followed by ICICI Bank at Rs 1,023 and HDFC Bank at Rs 2,139.

Bajaj Auto, Tata Power and Mahindra & Mahindra shed marginally in trades.

Source:-http://www.business-standard.com/india/news/markets-open-onquiet-note/126585/on