Unitech shares tank 25%; co loses Rs 1,641 cr in market value
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Markets up on rate cut hopes; Unitech tanks 18% on 2G controversy

By Firstbiz Staff

After a flat start, the Indian equity markets managed to edge up and close in the green after disappointing economic data including the IIP and CPI raised hopes of a possible rate cut in March.

Sensex closed at 19561.04, up 0.52 percent and the Nifty closed at 5922.50, up 0.42 percent.

Reuters

The country's factory output in December declined further against expectations of a rise as weak global economic situation. Reuters

The country's factory output in December declined further against expectations of a rise as weak global economic situation did not offer a relief to the falling export demand.

The weak data is likely to pile up more pressure on the Reserve Bank of India to cut its policy rate by a further 0.25 basis points, in its next policy review on 19 March

Rising for the fourth consecutive month, retail inflation remained in double digits at 10.79 percent in January, driven by higher prices of vegetables, edible oil, cereals and protein-based items against at 10.56 percent in December, 9.90 percent in November and 9.75 percent in October, 2012.

ONGC closed up 4 percent after quarterly earnings beat estimates, while Tata Motors closed up 3 percent ahead of its own results later this week.

Stocks in news

Unitech closed down 18 percent after the CBI removed a public prosecutor from the 2G spectrum case to verify his alleged discussions on prosecution strategy with the realty firm's MD and an accused in the case, Sanjay Chandra, in a taped conversation.

JP Associates closed down 0.55 percent a day after the company reported a 64.2 percent fall in Oct-Dec net profit to Rs 111 crore .

JSPL closed down 4 percent after the company reported nearly 13 percent decline in consolidated net profit at Rs 867.27 crore for the quarter ended December 31, 2012, as the company was hit by higher interest burden and decline in revenues from the power sales.

by Firstbiz Staff

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