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Indian stock markets trade strong
Wed, 14 Mar 11:30 am

Indian stock market indices traded strong over the last two hours of trade. Auto and capital goods stocks witnessed maximum buying interest, while IT and realty stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 114 points, while the NSE-Nifty is up by 43 points. BSE Mid cap index and the BSE Small cap index are up by 0.38% and 0.35% respectively. The rupee is trading at 49.86 to the US dollar.

Energy stocks are trading in the green led by Oil and Natural Gas Corporation Ltd. (ONGC) and Cairn India. According to a leading financial daily, Reliance Industries Limited (RIL) has been given approval to recover only US$ 3.99 bn of its cost from sale of oil and gas out of its claim of US$ 9.47 bn. According to annual audited account of the D6 block up to March 2011, the expenditure incurred by the contractor in development activities of D1 and D3 gas fields and MA oil field is about US$ 5.7 bn and US$ 1.73 bn respectively. For this PSC (production sharing contract of D6 block), while the contractor has claimed an expenditure of US$ 9.47 bn and cost recovered of US$ 5.26 bn up to 2010-11, the government has approved only US$ 3.99 bn. The contract allows Reliance Industries to first recover its entire expenditure in developing oil and gas fields from the block's sale proceeds before determining profit shares of stakeholders.

Auto stocks are trading strong led by Mahindra & Mahindra Ltd. (M&M) and Tata Motors (Telco). According to a leading financial daily, Tata Motors' owned Jaguar Land Rover is thinking of initiating assembly of Jaguar luxury cars in India in the next 3-5 years. Presently, the automobile company assembles sports utility vehicles in India. Tata Motors' Pune plant assembles the SUV Freelander. As per the Jaguar management, they are not looking at starting the assembling in near future because volumes in India are still low for the luxury segment. However, if the situation is favourable, Jaguar surely wants to explore the option of assembling its cars in India. Total sales of Jaguar and Land Rover vehicles in India were 891 units in 2010-11. This is as against 242 units sold last year.

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