Indian Equity markets remain firm

Mon, 22 Apr 11:30 am

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Indian equity markets have remained firm in the previous two hours of trade. Maximum buying interest have been witnessed in the consumer durables and banking sectors while IT and realty have faced the maximum selling pressures.

The BSE-Sensex is up by 51 points and NSE-Nifty is up by 26 points. BSE Mid Cap index is trading up by 0.44% while BSE Small Cap index is trading up by 0.60%. The rupee is trading at 54.14 to the US dollar.

Power shares are trading on a mixed note with Indiabulls Power and KSK Energy leading the gains while National Hydroelectric Power Corp. (NHPC Ltd) and JSW Energy are facing the maximum selling pressures. According to a leading financial news medium, Tata Power, the country's largest integrated power utility company, is planning to set up a 28.8 MW solar plant near Satara, Maharashtra, as a part of its strategy to meet its clean energy capacity target. The company will be spending over Rs 23 bn this fiscal for setting up the project which will also be its second solar plant in Maharashtra. The company at present has got a 3-MW project at Mulshi in Maharashtra and a 25-MW solar photovoltaic (PV) project located at Mithapur in Gujarat. In order to build the first floating solar plant at Mulshi, the company has partnered with Australia's Sunengy. The company's subsidiary, Tata Power Delhi Distribution, has also commissioned a 1-MW grid connected rooftop solar power plant in Delhi. Tata Power currently has an installed capacity of 376 MW and plants spread across four states of Maharashtra, Gujarat, Tamil Nadu and Karnataka. It has set a target of generating 26,000 MW by 2020 and intends to have a 20-25% contribution from clean power sources. Tata Power's share is trading up by 0.37%.

Auto shares are trading on a mixed note with Hero Motocorp and Tube Investments leading the gains while Mahindra and Mahindra (M&M) and Maharashtra Scooters are facing the maximum selling pressures. According to a leading financial news medium, Mahindra & Mahindra's engine manufacturing facility at Igatpuri near Nashik, is likely to resume operations from April 23, 2013 with the management agreeing to reinstate two suspended employees. The work was stopped at the said plant due to a tool down strike by the Union post the suspension of two workmen on disciplinary grounds, one of them being a union office bearer. Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.