Stocks to watch Tuesday
Stocks in India are seen moving in a range with US markets ending flat on Monday and Asia mixed with negative bias on Tuesday.
By ET Online |
MUMBAI: Stocks in India are seen moving in a range with US markets ending flat on Monday and Asia mixed with negative bias today. However, one may see a technical bounce back after the heavy selling in last previous sessions.
In stock specific action, TVS Motor Company has reported a drop of 53 per cent in 2007-08 net profit to Rs 31.77 crore from Rs 66.60 crore last year. The fall in net profit is due to slowdown, high material cost and non-availability of finance, the company said. The company's motorcycle sales dropped by 33 per cent to 6.10 lakh units in 2007-08 from 9.23 lakh units in the previous year. The company���s shares, down 3.65 per cent Monday, could take a further beating. But may also find support as it is already at a 52-week low.
Media companies running cinema theatres will get a relief from the Delhi government���s decision to slash entertainment tax on cinemas, including multiplexes, from 30 per cent to 20 per cent. Currently, there are 56 cinema halls in Delhi, out of which 17 are multiplexes and total number of screens is 99, according to Business Standard. Companies that stand to benefit from this tax cut include PVR, Adlabs.
Essar Oil could take a further beating with the company losing out a stake buy in a refinery project in Mombasa. The Kenyan government has dumped the Essar group in favour of a Libyan company, reports Business Standard.
In January, Essar Energy Overseas, a subsidiary of Essar Oil, had signed a deal with the Kenyan government to pick up 50 per cent in Kenya Petroleum Refineries from Shell, Chevron and BP Africa. Essar had planned to invest $450 million in the Kenyan refinery. However, lobbying by Tamoil made the Kenyan government take a decision in favour of the Libyan firm, the paper reports.
Shares of Essar Oil ended down 11.11 per cent at Rs 176.80 on BSE.
In stock specific action, TVS Motor Company has reported a drop of 53 per cent in 2007-08 net profit to Rs 31.77 crore from Rs 66.60 crore last year. The fall in net profit is due to slowdown, high material cost and non-availability of finance, the company said. The company's motorcycle sales dropped by 33 per cent to 6.10 lakh units in 2007-08 from 9.23 lakh units in the previous year. The company���s shares, down 3.65 per cent Monday, could take a further beating. But may also find support as it is already at a 52-week low.
Media companies running cinema theatres will get a relief from the Delhi government���s decision to slash entertainment tax on cinemas, including multiplexes, from 30 per cent to 20 per cent. Currently, there are 56 cinema halls in Delhi, out of which 17 are multiplexes and total number of screens is 99, according to Business Standard. Companies that stand to benefit from this tax cut include PVR, Adlabs.
Essar Oil could take a further beating with the company losing out a stake buy in a refinery project in Mombasa. The Kenyan government has dumped the Essar group in favour of a Libyan company, reports Business Standard.
In January, Essar Energy Overseas, a subsidiary of Essar Oil, had signed a deal with the Kenyan government to pick up 50 per cent in Kenya Petroleum Refineries from Shell, Chevron and BP Africa. Essar had planned to invest $450 million in the Kenyan refinery. However, lobbying by Tamoil made the Kenyan government take a decision in favour of the Libyan firm, the paper reports.
Shares of Essar Oil ended down 11.11 per cent at Rs 176.80 on BSE.
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