MUMBAI: Mahindra & Mahindra Ltd, the country's largest utility vehicle maker, said on Tuesday its two-wheeler unit has made a binding offer to acquire a 51 per cent stake in PSA Peugeot Citroen's scooters business.

Mahindra Two Wheelers Ltd (MTWL), an unlisted subsidiary of Mahindra & Mahindra Ltd and part of the $16.5 billion Mahindra Group, has made a binding offer to acquire a 51% stake in Peugeot Motocycles (PMTC), part of the Euro 54 billion PSA Group based in France, M&M said in the filing.

NEW DELHI: Indian stock market will remain shut on Monday, 6th October on account of public holiday. The BSE, NSE will remain closed for 'Bakri Id'.

However, Asian markets were trading higher tracking gains on Wall Street which rose following a stronger-than-expected September U.S. jobs report that bolstered the outlook for the U.S. economy.

IFCI, the Delhi-based government finance company, has postponed its plan to divest 2.5 per cent stake in the National Stock Exchange (NSE). According to two sources in the know of the matter, lower-than-expected bids from investors have forced the company to postpone its plan.

IFCI had announced in June that it proposed to engage a consultant to “advise and manage” the partial divestment process. PowerhouseCoopers (PwC) is said to be handling the transaction. An email sent to a PwC spokesperson did not elicit a reply.

Shares of Wipro were trading higher by 3% to Rs 614 on National Stock Exchange (NSE) in otherwise subdued market on reports that the government has approved the proposal of Wipro to set up SEZs in Andhra Pradesh. The benchmark CNX Nifty was down 0.06% at 7,960 points at 1025 hours.

Wipro Ltd has proposed to set up IT/ITES zone in Andhra Pradesh on an area of 1.22 hectares, the PTI report suggests.

Larsen and Toubro (L&T) has moved higher by 2% to Rs 1,490 after the company said it has won new orders worth Rs 1,423 crore across various business segments in September 2014, including order from Lucknow Metro Rail Corporation.

The company’s heavy civil infrastructure business has bagged a Rs 631 crore prestigious order from the Lucknow Metro Rail Corporation Limited for the construction of the Lucknow Metro, L&T said in a statement.

National Buildings Construction Corporation (NBCC) has rallied 8% to Rs 760 on reports that the foreign broking firm Nomura has initiated coverage on company with a buy for a target price of Rs 1,049 per share.

Nomura says NBCC has an asset light business model with lower working capital requirement.

Tata Motors has moved higher by 4.2% to Rs 541, also its new high on the National Stock Exchange (NSE).

The stock opened at Rs 515 and touched a low of Rs 514 in early morning deals on NSE. A combined 5.94 million shares changed hands on the counter so far on NSE and BSE.

The euphoria that had begun in the run-up to Narendra Modi’s victory in the Lok Sabha elections seems to be waning, with the stock markets returning to the defensive mode. Over the past three months, the weight of information technology (IT), pharmaceutical and fast-moving consumer goods (FMCG) companies has risen sharply on the indices.

These three sectors now account for a little more than a third of the combined market capitalisation (free-float) of the National Stock Exchange’s Nifty50 index, compared with 31 per cent at the end of May this year. The only exception in this pack has been ITC, whose stock is languishing due to the current health minister’s strong anti-smoking stance. The defensive stocks’ share on the index had peaked to around 37 per cent in October last year.

Continuing its rising streak for the ninth straight session, the benchmark BSE Sensex rose over 129 points to hit a new high of 27,148.90 in opening trade today on sustained foreign capital inflows coupled with a firming trend on other Asian bourses.

The 30-share index, which had gained over 705 points in the previous eight sessions, gathered another 129.51 points, or 0.47 per cent, to trade at a new peak of 27,148.90, surpassing its earlier record of 27,082.85 touched yesterday (intra-day).

Key benchmark index ( Nifty August Future) edged higher in early week's trading and scaled record high of 7979, but could not sustain at the higher level, Throughout the week it swung between positive and negative zone in tight range of 7980 and 7870. On the last day of week's trading it remained choppy due to expiry of F&O contracts. Nifty August Future gave closing at 7955 above the psychological level of 7900.

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