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Tata Motors revs up
The Tata Motors stock jumped as much as 2 per cent in intra-day trade today.
At about 12.40 pm, the stock was up 1.34 per cent or Rs 7.40 at Rs 558.85.
The company-owned Jaguar Land Rover today reported 28 per cent increase in retail sales with 61,047 units in September.
BPCL's late Oct cargo price returns to discount
Bharat Petroleum Corp Ltd's sales price for a late October naphtha cargo returned to discount following a mid-October cargo sold at a premium. BPCL has sold to Vitol 30,000 tonnes of naphtha for October 26-28 loading from Mumbai at a discount of around $1 a tonne to Middle East quotes on a free-on-board (FOB) basis. This sharply contrasts the premium of $5 BPCL had previously received from Marubeni for a cargo sold for October 16-18 loading from the same port. But the current discount is similar to what BPCL had received for a cargo sold to Petro-Diamond for October 8-10 loading from Mumbai. Sellers' sentiment weakened as supplies are to increase this month as new condensate splitters come onstream in Qatar and South Korea.
At 12.35 pm, the BPCL stock was down 1.76 per cent or Rs 11.80 at Rs 660.50.
IDBI Bank gains on talk of govt stake sale plan
IDBI Bank rose as much as 5.4 per cent to post its biggest intra-day percentage gain since September 9.
At about 12.40 pm, the stock was quoting at Rs 72.50, up Rs 2.65 or 3.79 per cent.
Newpaper reports said the government planned to reduce its stake in the state-owned lender to 52 per cent.
IDBI Bank could not be immediately reached for a comment
Government own 73.98 per cent stake in IDBI Bank, according to Thomson Reuters data.
Whenever a large private equity player comes in, accountability improves, says Alpesh Mehta, an analyst at Motilal Oswal, which has a “Neutral” rating on the stock
The stock has fallen about 22 per cent this year as of Thursday's close, compared with a 11.4 per cent rise in the Nifty PSU Bank Index.
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