BSE Power and Capital Goods indices plunged 4 percent and 3 percent, respectively followed by Bankex with 1.6 percent loss.

Sameer Tandon, chief of sales- service & spares, Escorts Agri Machinery says the company is investing into developing new products in order to bring comfort and style to Indian farmers.

Speaking to CNBC-TV18, Tandon says the agricultural products firm is likely to see sales growth of 10-12 percent in December-January.

However, he is more optimistic going into 2014 and says sales will pick up from January and sales growth of around 20 percent is likely.

Tata Chemicals Europe , a wholly owned subsidiary of Tata Chemicals, has decided to restructure its soda ash and sodium bicarbonate business in Northwich, Cheshire.

“The restructuring will see the closure of the Winnington soda ash and calcium chloride plants due to high energy costs. Production is expected to cease during the 4th quarter of financial year 2013-14,” the company said in its filing to the BSE. The stock is flat at Rs 274.50.

CAC Corporation, headquartered in Japan, announced today the acquisition of Chennai-based IT services company Accel Frontline at an investment of about Rs 130 crore. With this transaction, Accel Frontline will now increase its equity base from 24.26 crore to 29.76 crore.

NR Panicker, Executive Chairman, Accel Frontline says: “It is not very big money because our market capital is very low. Share price is Rs 30 in last 2 years. Currently the share price is Rs 45. But we need more money. So we acquire some stake from promoters and promoters have agreed to bring the part of the money back to the company as an unsecured loan. Our object is to reduce our interest rate.”

The move will provide opportunities to both the companies. While CAC will gain an immediate platform in the fast-growing Indian IT services market, Accel Frontline will have access to CAC’s market in Japan to provide IT services from India.

‘In 2011-12, Accel’s revenues were at Rs 480 crore. But last year  it went down to Rs 400 crore. This year, due to this transaction, we expect it to grow by 15-20 percent’, added Panicker.
Emkay expects steady growth in India and US business of Glenmark Pharma going forward. The brokerage house maintains a buy rating on the stock with a target price of Rs 644.
“Glenmark announced launch of Hydrocortisone Butyrate cream in the US (generic for Locoid Lipocream). Glenmark also has 180 days exclusivity on the product, According to IMS Health sales data for the 12-month period ending September 2013, Hydrocortisone Butyrate cream garnered annual sales of approximately USD 36.8 million. It is likely that AG on the drug would go off the market leaving Glenmark as the only generic player. We believe it can attain 60-70% market share with USD 10-15 million sales,” Emkay report said.
YES Bank expects the third quarter to pan out the same way as the second quarter in terms of cost of funds and margins. NIMs will continue to be in a tight range, says Rajat Monga, CFO, Yes Bank. It will see sub-10 basis points movement, he adds.
The bank had posted a net profit of Rs 371.13 crore for the quarter ended September 30, 2013 as compared to Rs 306.08 crore for the quarter ended September 30, 2012. Though Q3 maybe a more challenging quarter because the brunt of RBI policy will fall in this quarter, Q2 it was transient. He expects Q4 to be better than Q3.

Monga sees 15-20 percent loan growth. He says deposits side is doing better because of some of the Reserve Bank schemes. Though second half will be better in terms of loan growth because it is a more busy season, agricultural sector will do well. He expects the agriculture sector to demand more than its normal share of credit.

He says as slowdown drags, non-performing assets will continue to remain a worry. According to him, this year is taking a higher burden than last year. He does not think credit costs are increasing, but they are higher than the previous year. He expects 50-60 basis points movement on credit costs.
The market sees profit booking today after a 330-point rally seen in earlier session on BJP’s one-sided win in three states elections (Rajasthan, Madhya Pradesh and Chattisgarh). In Delhi, BJP won highest seats, but did not get majority.
The Sensex lost 69.18 points to 21,257.24, and the Nifty dropped 30 points to 6,333.90. Declining shares outpaced advancing ones by a ratio of 1033 to 693 on the BSE.

BSE Power and Capital Goods indices plunged 4 percent and 3 percent, respectively followed by Bankex with 1.6 percent loss.

Shares of NTPC crashed more than 10 percent on proposed five-year power norms. Larsen and Toubro and BHEL plunged 4-5 percent.

Top private sector lender ICICI Bank slipped more than 3 percent followed by State Bank of India with a 1 percent loss.

However, technology stocks are in bull grip with the BSE IT index gaining 1.6 percent.

Tata Consultancy Services rallied more than 3 percent and Wipro gained over 2 percent.