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India's Third Giant Leap

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Indian stock markets climb further
Tue, 24 Apr 01:30 pm

Indian stock markets gained further momentum in the last two trading hours. Majority of the sectoral indices are trading positive with technology and power stocks leading the rally. Capital goods, Auto, pharma and FMCG stocks are the major losers.

The BSE-Sensex is trading up by 105 points and NSE-Nifty is trading up by 24 points. Both BSE Mid cap index and BSE Small cap indices are marginally up as well. The rupee is trading at 52.7 to the US dollar.

Majority of the energy stocks are trading positive with Bharat Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) trading the strongest while Petronet LNG is trading weak. As per a leading financial daily, India has requested Qatar to supply 3 million tonne of liquefied natural gas (LNG) on an urgent basis. The gas will be imported by Petronet LNG (PLNG) and Gas Authority Of India Ltd. (GAIL). Currently, India imports 7.5 million metric tonne per annum (MMTPA) of LNG from Ras Gas, Qatar. This is in line with a 25 year contract signed by Petronet LNG limited (PLL) in July 1999. The country now needs additional long-term tie up for 15 MMTPA of LNG. Reportedly, Qatar has expressed interest in an offer from Oil and Natural Gas Commission (ONGC) for a joint participation in exploration and production projects in third-world countries.

Most of the food stocks are trading positive with Lakshmi Energy and Tata Global Beverages being the biggest gainers. As per a leading financial daily, food major Nestle India is likely to bear an additional tax burden of Rs 1 bn in Calendar Year 2012. This is on account of higher rate of taxation. The increase would be largely due to higher payout of indirect taxes particularly the excise duty. In the Union Budget 2012-13, the government had hiked the excise duty by 2% from 10% to 12%. Nestle stock is up 0.2%.

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