)
Shares of S&P BSE Sensex companies, including Tata Motors, Tata Steel, Oil & Natural Gas Corporation (ONGC), Gail India and Vedanta, have touched their respective 52-week lows on the BSE.
Besides these five stocks, Bank of India, Canara Bank, Dena Bank, Indian Overseas Bank (IOB) and UCO Bank from public sector banking space, as also Jindal Steel & Power, Jaiprakash Associates, Lanco Infratech, Sobha, MOIL and National Aluminium are among 20 stocks from the BSE-500 index too touch 52-week lows today.
Tata Motors has dipped 4% to Rs 376, its lowest level since March 2014 on the BSE, on concerns about a slowdown in China.
The China joint venture of Tata Motors-controlled Jaguar Land Rover has brought down prices of one of its Range Rovers made locally while also reducing its sales outlook. CLICK HERE TO READ FULL REPORT.
Tata Steel, Vedanta, Jindal Steel & Power, NMDC, National Aluminium and MOIL from the metal and mining sector are also trading weak on Chinese demand.
China accounts for over 40% of the global consumption of major metals. Given the soft demand scenario in China, base metals prices declined in the range of 2%-21% in the first six months of 2015.
Adverse economic developments in China may have a directionally negative impact on the Indian metals industry as well as on sectors with an export focus, says India Ratings and Research (Ind-Ra).
The PSBs have been beaten down sharply on account of rising bad loans. Shares of IOB dipped 6% to Rs 35.60 on the BSE after the state-owned bank reported a sharp 95% year-on-year (YoY) decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015 (Q1), on account of an increase in provisioning for bad loans and lower net interest income.
The bank’s gross non-performing assets (NPAs) stood at 9.40% as on June 30, 2015 as against 5.84% during the same period last fiscal and 8.33% during the quarter ended March 31, 2015. Net NPAs stood at 6.31% in the reported quarter as against 3.85% registered during the same period of previous fiscal and 5.68% in the previous quarter.
Besides these five stocks, Bank of India, Canara Bank, Dena Bank, Indian Overseas Bank (IOB) and UCO Bank from public sector banking space, as also Jindal Steel & Power, Jaiprakash Associates, Lanco Infratech, Sobha, MOIL and National Aluminium are among 20 stocks from the BSE-500 index too touch 52-week lows today.
Tata Motors has dipped 4% to Rs 376, its lowest level since March 2014 on the BSE, on concerns about a slowdown in China.
The China joint venture of Tata Motors-controlled Jaguar Land Rover has brought down prices of one of its Range Rovers made locally while also reducing its sales outlook. CLICK HERE TO READ FULL REPORT.
Tata Steel, Vedanta, Jindal Steel & Power, NMDC, National Aluminium and MOIL from the metal and mining sector are also trading weak on Chinese demand.
China accounts for over 40% of the global consumption of major metals. Given the soft demand scenario in China, base metals prices declined in the range of 2%-21% in the first six months of 2015.
Adverse economic developments in China may have a directionally negative impact on the Indian metals industry as well as on sectors with an export focus, says India Ratings and Research (Ind-Ra).
The PSBs have been beaten down sharply on account of rising bad loans. Shares of IOB dipped 6% to Rs 35.60 on the BSE after the state-owned bank reported a sharp 95% year-on-year (YoY) decline in net profit at Rs 14.76 crore for the quarter ended June 30, 2015 (Q1), on account of an increase in provisioning for bad loans and lower net interest income.
The bank’s gross non-performing assets (NPAs) stood at 9.40% as on June 30, 2015 as against 5.84% during the same period last fiscal and 8.33% during the quarter ended March 31, 2015. Net NPAs stood at 6.31% in the reported quarter as against 3.85% registered during the same period of previous fiscal and 5.68% in the previous quarter.
