 "Street signs: Investors wary of auto stocks, IDFC Securities sale, and more")
Fund managers wary of auto stocks
Institutional investors, both domestic as well as foreign, are concerned over the weak monthly sales numbers for the automobile sector, particularly passenger cars and commercial vehicles. They say the fall in sales numbers lately has forced them to take a cautious stand on the sector. Large investors say they will watch how demand pans out over the next few months and then take a call on committing fresh money towards auto stocks. “Starting 2019, we will also gauge the readiness of car makers to adopt BS-VI emission norms. That would be another uncertain patch for the sector,” a fund manager sounds off. - Hamsini Karthik
More in fray for IDFC Securities
More entities have joined the race to buy IDFC Securities, the broking and investment banking arm of IDFC. The financial services firm was supposed to finalise the buyer at its meeting on December 7 but deferred the decision after more entities evinced interest, an IDFC official said. InCred Finance, Equirus Capital and Carnelian Capital are among those were already in the fray to buy IDFC Securities. Names of entities that have just entered the race couldn’t be ascertained. The official said the company intends to close the deal soon. IDFC has also put its mutual fund business IDFC MF on the block, which is yet to find a suitable bid. - Samie Modak
Duke buys Century Textiles, Sasken
The North Carolina-based Duke Endowment and Duke University's Employees Retirement Plan have picked up stakes in Century Textiles and Sasken Technologies. According to block deal data, the two funds bought Rs 330 million worth of shares in Sasken and Rs 280 million worth of shares in Century Textiles. While both companies have been seeing a healthy growth in profits in recent years, their stock prices have seen a meaningful correction. Sasken Technologies is down nine per cent year-to-date, while Century Textiles is down 35 per cent in the same period. - Jash Kriplani
