Nifty struggles below 10,700; HDFC Bank, PC Jeweller most active
Asian stocks traded higher, tracking upside in US markets post better-than-expected US jobs report.
Whirlpool of India share price gained after the company said in line with the strategic priority for Whirlpool to expand the cooking & built-in appliance portfolio, the board approved a proposal to enter into a strategic joint venture with Elica and acquire 49 percent equity in Elica PB India Pvt Ltd.
As part of the Joint Venture, Elica PB India will manufacture and distribute cooking and built-in appliances under the Whirlpool brand in India.
Elica PB India is a subsidiary of Elica SpA Italy and has been operating in India since 2010.
"The parties expect the transaction to close in the second half of 2018," the company said.
"The cooking and built-in appliance space is poised for very strong growth in India based on increasing consumer demand. Whirlpool aims to expand its portfolio of innovative products with Elica’s impressive capabilities in consumer insights, design, manufacturing and also broaden its distribution," Sunil D’Souza, Managing Director of Whirlpool India said.
The market remained rangebound in late morning deals as investors digested better-than-expected US jobs data and shifted focus to monsoon, and also monitor the movement in rupee and crude oil prices.
The Nifty struggles below 10,700 levels while the Nifty Midcap index continues to underperform frontliners.
The 30-share BSE Sensex fell 14.70 points to 35,212.56 and the 50-share NSE Nifty slipped 12.50 points to 10,683.70. About three shares declined for every share rising on the BSE.
Nomura has maintained buy rating on Tata Motors with a price target of Rs 495 per share.
The company's JLR US retail sales was better than expected at 17 percent in May 2018. Land Rover drives volume of the company, while Jaguar continued to remain weak, said Nomura.
The research firm expect 9 percent growth in overall JLR volumes in 2018-19.
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