Upward momentum continues

Wed, 27 Feb 01:30 pm

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Indian share markets continued to trade in the green during the post noon trading session. Barring stocks from the IT space, buying activity is being witnessed across the board. The most noticeable upward movement was in the stocks from capital goods and oil and gas sectors.

BSE-Sensex is up by 152 points and NSE-Nifty is trading up by 42 points. While BSE Mid Cap is trading up by 0.4%, BSE Small Cap index is trading down by 0.1%. The rupee is trading at 53.77 to the US dollar.

Majority of banking stocks are trading in the green, with Yes bank and Karnataka Bank being among the leading gainers. As per a financial daily, cyber frauds in the country that had taken place in last three years are expected to cost banks upto Rs 1.3 bn. This data was revealed by finance ministry of India. In a month's time the Mumbai police has recorded Rs 10 m of cyber fraud. Reportedly most of the cases that have registered so far are the banks from Mumbai. Further, a record of around 32,928 cases of fraud pertaining to ATMs, debit and credit cards and internet banking were registered in last three years which involved 50 nationalized and other banks across the country. The largest number of cyber fraud cases were registered by ICICI Bank of approx 24,918 amounting to Rs 740 m during the said period of three years. Last year, the bank filed 3,428 cases involving Rs 67 m. This was followed by Citibank with 1,504 cases amounting fraud worth Rs 69 m. The other banks such as Standard Chartered, American Express, HSBC, and were also hurt due to cyber fraud activities. HDFC Bank has recorded 525 cases involving Rs 4 m. The RBI has issued strict guidelines, for banks to take preventive measures in order to overcome frauds relating to skimming or duplication of credit cards. HDFC was trading down by 0.5% and ICICI Bank was trading up by 1%.

Engineering stocks are trading mixed with Suzlon Energy and L&T being the major gainers and Opto Circuits and Jain Irrigation leading among the losers. L&T Construction, (brand of L&T) has announced that it has secured a new contract worth Rs 15 bn across various business segments. Large part of this contract will be served by the company's water and effluent treatment business worth Rs 6.2 bn. This contract is from Kolkata metropolitan authority for construction of sewerage network and waste water treatment facility. Another project is also from Kolkata Municipal Corporation for water pumping and water treatment plant. The Solar business unit has got contract from Kiran Energy for construction of solar PV plants in Tamil Nadu worth Rs 4.1 bn. The power transmission and distribution and heavy civil businesses have bagged contracts worth Rs 2.6 bn and Rs 2 bn respectively. The company's water and solar business includes orders for domestic as well as international markets. The stock was trading up by 2.4%.