Shares of tyre manufacturers in India may move after the country’s antitrust regulator imposed penalties totaling about 18 billion rupees ($239m) on five companies, including top players MRF and Apollo Tyres, over alleged cartelization in a decade-old case.
- In Focus: Apollo Tyres, MRF, Ceat, JK Tyre and Birla Tyres, which have been fined
- Also In Focus: Goodyear India, Balkrishna Industries
Source: Bloomberg
Analyst Actions: VIP Industries, M&M Financial Services
- VIP Industries cut to ‘add’ at Spark Capital Advisors; price target set at Rs 710.
- M&M Financial Services cut to ‘reduce’ from ‘add’ at Spark Capital Advisors; price target set at Rs 156.
Sensex, Nifty Little Changed; Tata Consumer Leads Advance
India’s stock benchmarks were little changed, as gains in consumer durables stocks were offset by losses in metal stocks.
The S&P BSE Sensex fell 0.15% to 59,467.02. The NSE Nifty 50 fell by similar magnitude to 17,745.80.
The S&P BSE MidCap index almost mirrored its larger peers while S&P BSE SmallCap outperformed Sensex and Nifty with gains of nearly 0.25%. Ten of the 19 sectoral indices compiled by BSE Ltd. declined with S&P BSE Information Technology shedding 0.75%.
The market breadth was skewed in the favour of bulls. About 1,556 stocks advanced, 994 declined and 104 remained unchanged.
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