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Indian Equity Markets slip
Thu, 12 Feb 01:30 pm

Indian equity markets fell well below the dotted line in the post-noon trading session. Sectoral indices are trading mixed. Stocks from banking, Metal and Oil & Gas sector witnessed maximum selling activity. Auto and Power stocks are the leading gainers.

BSE-Sensex is up 100 points and NSE-Nifty is trading 18 points down. BSE Mid Cap is trading up by 0.7 % and BSE Small Cap index is trading up by 1%. The rupee is trading at 62.15 to the US dollar.

Textile stocks are trading mixed today. Bombay Dyeing and Arvind Ltd are the leading gainers while Alok Industries and Vardhaman Holding are leading losers. According to a leading financial daily, Aditya Birla Chemicals (ABCIL), a part of Aditya Birla Group will merge with Grasim Industries. It is to be noted that Grasim Industries is also a flagship company of Aditya Birla Group. Reportedly under the approved swap ratio, ABCIL shareholders will receive one equity share with a face value of Rs10 in Grasim for every sixteen shares held in ABCIL. Grasim will issue 1.46 m additional shares, which will increase its share capital to Rs 933 m. The proposed merger of Aditya Birla Group's Chlor-Alkali business into Grasim will strengthen its existing portfolio of VFY, caustic soda and allied chemicals according to statement issued by Grasim Industries. Grasim Industries is currently trading flat.

Barring Tata Motors and Bajaj Auto, automobile stocks are trading on a positive note. According to a leading financial daily, Tata Motors plans on having 10-15 new platforms next financial year for launching commercial vehicles. The company expects to spend Rs 12-15 bn on the commercial vehicle business next year. Reportedly the company is looking at a 10% growth next year across various categories. The company has rolled out 100,000 units of Tata Ace Zip Micro truck since its inception four years back. Tata Motors is currently trading down by 0.8%.

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