Gautam Malhotra, MD, Amtek Auto and
director Ahmednagar Forging says the company has shifted its focus to non-auto
businesses like mining, oil and gas, and pumps and valves.
"The key levers of our non-auto
strategy are segments are going to be tractors, construction equipment and
going forward it is going to be railways, oil and gas and the new entrants are
going to be pumps, valves and mining segment," he adds.
On the auto front, he says,
currently the slowdown in the commercial vehicle side seems to have been
arrested. The industry is seeing significant consolidation driven by supply
chain as well as OEMs, which has helped growth in order book position, adds
Malhotra.
There is signifcant traction on the
tractor side. Contribution from railways business too has improved. He expects
a contributing to increase from 10 to 18 percent from railways.
Malhotra expects a double-digit growth for the
group in the next fiscal.
12:40pm
Skipper locked at 5% upper circuit
Skipper Limited, which is amongst India’s
largest manufacturers of EHV Transmission Towers, has commenced the engineering
activities for supplies to two prestigious 500 KV Transmission projects in the
high - growth Latin American regions of Peru and Chile.
Last year, Skipper entered into a 3-year
Alliance agreement with one of South America’s leading transmission operators
for exclusive supply rights to all their current and future power transmission
projects. The value of the awarded contracts under the agreement so far is approximately
85 million USD, says the company in its filing.
12:20pm
Sasken under pressure
Shares of Sasken Communication Technologies
are locked at 20 percent lower circuit on Wednesday after the company's chief
executive resigned yesterday.
"Anjan Lahiri, whole time
director and CEO has resigned from the services of the company and consequently
from the board of directors effective September 23, 2014," said the
software services provider in its filing.
Rajiv C Mody, currently the chairman
and managing director, will be stepping in as the CEO for now. He founded the
company in 1989, at San Jose along with two other co-founders.
Mody does not see much change in
business with CEO stepping down. In an interview to CNBC-TV18, he says his
emphasis is on growing revenue. "We will continue to build expertise in IT
business," he adds.
Anjan Lahiri had completed his one year in the
company in previous month. Anjan, who co-founded MindTree in 1999, joined
Sasken in August 2013. Prior to co-founding MindTree, Anjan was a consulting
director with Cambridge Technology Partners (CTP) in New Jersey.
12:00pm
Market Check
Equity benchmarks remained
rangebound in noon trade but the broader markets fell more than a percent. The
Sensex declined 14.14 points to 26761.55 and the Nifty fell 6.45 points to
8011.10.
The market breadth was negative. About two
shares declined for every share advancing on the Bombay Stock Exchange.
The ongoing correction is a healthy
sign and the market needs to consolidate before resuming the bull run, says Nirmal
Jain, Chairman, IIFL.
Jain feels the markets have been
looking for reasons to correct and sees sharp corrections in midcaps and
smallcaps. He says that one should be prepared for a 5-10 percent downside in
the broader markets and 10-15 percent in midcaps.
BHEL and Tata Power tumbled over 2 percent
each followed by TCS, HDFC, Larsen and Toubro, Tata Motors, Hero Motocorp and
Bharti Airtel with 1-1.8 percent loss. However, Hindustan Unilever, Wipro and
Coal India gained 2 percent. ITC and Infosys climbed over a percent.
In the midcap space, Sintex
Industries, Sanofi India, Va Tech Wabag, Thermax and IFCI gained 3.5-4 percent
while CARE, Prestige Estate, Bhushan Steel, Amtek Auto and Trinity Trade lost
4.5-6 percent.
Among smallcaps, Educomp Solutions,
Sarda Energy, KGN Enterprises, Speciality Restaurants and NRB Bearings surged
5-6 percent whereas Sasken Communications, PFL Infotech, PC Jeweller, GOL
Offshore and La Opala RG declined 8-20 percent. More Information please visit
site www.bigprofitbuzz.com
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