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TOP CORPORATE NEWS- 8 FEB 2019

Corporate-News

Nifty Metal index falls 2% amid weak global cues
The Nifty Metal index was trading 2% down on Friday over investors concerns regarding global demand growth amid uncertainty over truce in the US-China trade war. Shares of SAIL, Vedanta, Welspun Corp, Jindal Steel, and Tata Steel led the indexs fall.

Car sales drops 2.6%, passenger vehicle sales fall 1.87%: SIAM
According to data compiled by the Society of Indian Automobile Manufacturers (SIAM), domestic passenger vehicle (PV) sales fell 1.87% to 2.80 lakh units in January from 2.85 lakh units in the same month last year.
Domestic car sales slipped 2.65% to 1.79 lakh units as compared to 1.84 lakh units in January 2018. Total two-wheeler sales in January were also down 5.18% to 15.97 lakh units compared to 16.84 lakh units on yoy basis, SIAM data added.

M&M slips ahead of Q3FY19 results
Shares of Mahindra and Mahindra Ltd were trading in the red on Friday afternoon. Shares dropped to Rs684 on the BSE, a drop of ~2% from the previous closing of Rs705 despite postive expectations for the company’s Q3 numbers. Revenue, PAT, and EBITDA numbers for the auto major are expected to go up this quarter.

HCG to increase stake in BACC Healthcare; stocks gain 2%
Shares of HealthCare Global Enterprises (HCG) gained 2% on Friday after the company, in its filing to the exchanges, informed that it will increase its stake from 50.1% to 100% in its arm BACC Healthcare.The company currently holds 50.1% of the share capital of BACC, which it acquired in March 2013, HCG said in a press note after market hours to the exchanges. Accordingly, the company shall acquire the remaining 46,695 equity shares, constituting 49.9% of the share capital of BACC from Dr. Kamini A. Rao, the company added.

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