ECONOMY ANALYSIS
- Nifty ends below 6800; Tata Power up 4%, Dr Reddy falls 3%
- Sensex in red, midcap outshines; Adani group stocks rally
- Tata Motors hits all-time high, Citi ups target to Rs 486
- Seen 19% annual return on Vodafone investment: Piramal
- Geosphere sees 10-15% drop in market if no Modi-led govt
- Expect Nifty to touch 7000; IT to underperform: Barclays
- The market ended with marginal gains as the Nifty slipped below 6800. The Nifty was flat to end at 6796.40 while the Sensex was up 12.99 points at 22715.33. About 1476 shares advanced, 1221 shares declined, and 189 shares were unchanged. Tata Power ended up 4 percent followed by NTPC, SBI, Tata Motors and BHEL. Laggards in the Sensex were Dr Reddy’s Labs, Sun Pharma, Infosys, Hero Motocorp and ICICI Bank.
- Ajay Piramal, Chairman, Piramal Enterprises, said the money raised after selling 11 percent stake in Vodafone, will be used for business expansion. He said the company will be looking at creating long-term value for its shareholders. Piramal Enterprises has over Rs 10,000 crore cash in books. The company has seen a 19 percent annual return on Vodafone investment, said Piramal, adding that it is now looking at opportunities to buy stake in financial services space. Piramal Enterprises has sold back its 11 percent stake in Vodafone India to parent company Vodafone Plc for Rs 8900 crore. The company had acquired the stake for Rs 5,864 crore in two tranches in FY12.