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Indian markets sustain early gains
Wed, 26 Feb 11:30 am

Indian equity markets held on to their early morning gains on the back of sustained buying activity across index heavyweights. Stocks from the capital goods and pharma sectors are trading firm, while metals and realty stocks are facing selling pressure.

The BSE Sensex is trading higher by 68 points and the NSE-Nifty is trading higher by 17 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading higher by 0.4%. The rupee is trading at 61.98 to the US dollar.

Software stocks are trading on a mixed note today. While Wipro and Infosys are trading on a positive note, TCS is trading lower. As per a leading business daily, Infosys plans to hive off its product, platform and solutions (PPS) business into a separate subsidiary during the start of the next fiscal year. The division, expected to be called Edge Works, will be structured with focus on verticals like market requirements, product development and product implementation at the client's site. It is expected that the division would account for about 5.5% of the company's total revenues and would include one of Infosys' most successful banking product, Finacle. Under the company's current vision, it aims to achieve growth of about 33%. But the PPS segment has hardly grown over the last 3 years, which was the primary argument to hive it off as a separate division. Further, the building of the product division is quite different from that of the services and BPO segment. The move would also allow the company to make acquisitions should it wish to in the segment.

Power stocks are trading mixed currently. While CESC is trading higher, Tata Power and JSW Energy are trading on a weak note. As per a leading business daily, NTPC has signed MoU with Bihar State Power and its subsidiary Lakhisarai Bijlee that entails an investment of about Rs 92 bn to set up two 660 MW power projects totaling to 1,320 MW. The deal would give NTPC 74% share in the projects. It would develop the project through joint venture route. The project would augment NTPC's total installed power capacity. It may be noted that NTPC's standalone total installed capacity as of December 2013 stood at 34,882 MW which grew by about 2.9% over the previous year. The stock of NTPC is trading down by 0.5% today.

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