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Updated: May 31 2013, 06:06am hrs
Auto stocks drive Sensex 68 pts up at 1-week high

In choppy trade, the Sensex on Thursday shrugged off initial losses to end 68 points up at over 1-week high on smart rise in auto scrips like Tata Motors and M&M, ahead of much-awaited March quarter GDP data. Market saw volatility due to alternate bouts of buying and selling amid May derivatives series expiry, said traders. The index resumed weak in line with sluggish Asian indices following a fall on Wall Street on Wednesday. However, buying in last half an hour of trade saw Sensex rising to close at 20,215.40, a gain of 67.76 points, or 0.34%. This is the highest close since 20,223.98 on May 20. On Wednesday, Sensex rose 13 points. Sectorally, the auto sector index gained the most by 2.29% to 11,369.08 as M&M and Tata Motors surged on better quarterly earnings. The Nifty rose by 19.75 points, or 0.32%, at 6124.05. MCX-SX flagship index, SX40 on Thursday ended 42.72 points higher at 11,990.89.

Cos raised R47k cr via pref share issue in FY13

Indian companies raised a staggering R47,000 crore through issue of shares on preferential basis to promoters and shareholders in 2012-13, a sharp rise of 83% over the previous fiscal. According to the data available with market regulator Sebi, companies raised R46,939 crore through preferential allotments in the last fiscal as compared to R25,709 crore in 2011-12. Besides, the number of preferential issues rose to 420 in 2012-13 from 311 in the preceding fiscal. In 2010-11, companies had raked in R30,511 crore through preferential allotments to the promoters as well as shareholders. Experts said a number of listed companies have opted for preferential allotment of shares for raising funds because of rise in the secondary market. The Sensex rose over 8% last fiscal on account of higher FII inflow and a slew of reform steps taken by the government.