Analysts and traders will keep a watch on auto sales figures this month, as most automobile majors have reduced the price for vehicles after the Finance Minister P Chidambaram announced a cut in excise duty. Following the drop in price, there was expectation that the sales would have revived for the beleaguered industry. However, if the numbers belie Street expectations, then these stocks will react adversely as already a few auto stocks had a sharp run-up in share prices after the tax cut announcement.

Stake sale to keep oil stocks in focus

Shares of Indian Oil, ONGC and Oil India will attract attention next week, as the Government approved 10 per cent stake sale in IOC at a discount of 10 per cent to market price. On Friday, the IOC stock closed at ₹248.1. The sale of IOC 24.27 crore shares will be through an off-market transaction, with ONGC and Oil India buying 5 per cent stake each. ONGC and OIL will now have to flesh out the details of the deal, which is expected in the next few days. While ONGC shares gained 2.7 per cent, OIL slumped 2.6 per cent.

JP Power: All eyes on debt restructuring

Shares of Jaiprakash Power Ventures were in demand on Friday, surging 12 per cent, after the company said its board will meet on Saturday to consider recommendations aimed at reducing its debt and unlocking the shareholders’ value. Volumes traded were more than three times its two-week average. The outcome of the board meeting will further fuel interest in the stock. Reports also suggest that Jaiprakash Power could soon sell two power plants to a group led by Abu Dhabi National Energy Co.

Related Topics
comment COMMENT NOW