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No respite for Indian Indices
Thu, 29 Jan 01:30 pm

As weakness persisted in index heavyweights, Indian share markets continued to trade below the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the red with banking, power and metal stocks being the biggest losers. However, consumer durables, healthcare and realty are trading in the green.

BSE-Sensex is down 105 points and NSE-Nifty is trading 35 points down. BSE Mid Cap is trading down 0.2%, whereas BSE Small Cap index is trading up marginally. The rupee is trading at 61.41 to the US dollar.

Most power stocks are trading in the red with the key losers being NHPC Ltd, ABB India Ltd and Tata Power. However, Suzlon Energy and Adani Power are trading firm. According to a leading financial daily, Tata Power will acquire group firm Nelco's defense business of Unattended Ground Sensors (UGS) for about Rs 0.8 bn. The UGS business involves supply, installation and servicing of sensors for the Ministry of Defense. Tata Power has entered into a "binding understanding" with Nelco for the deal on a "slump sale basis". The UGS business would be housed in Tata Power's strategic engineering division (SED), which is also a supplier of defense equipment and solutions. Acquisition of the UGS business will provide synergy to the existing business of Tata Power SED. Tata Power is currently trading down by 0.7% on the BSE.

Stocks from the auto sector are trading on a mixed note. Cummins India and M&M are among the major losers. Bosch Ltd and Bharat Forge are among the leading winners. According to a leading business daily, Suzuki Motor Corporation plans to invest Rs.80 bn in Gujarat by setting up three manufacturing units with a total capacity of 750,000 vehicles annually. The first phase of the new plant will entail an investment of Rs 30 bn to make a 250,000 unit assembly line, which will begin operation in the middle of 2017. It will add two more lines to take the capacity to 750,000 vehicles. For Suzuki, India is one of the most important markets and Maruti Suzuki is its largest unit as it contributes about 30% of Suzuki's turnover.

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