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IIP data cheers Indian equity markets
Fri, 10 May 01:30 pm

On back of good IIP numbers Indian stock markets are trading strong in the last two hours of trade. Barring stocks from realty sector, all sectors are trading in positive territory. The most noticeable movement is witnessed in the stocks from auto and consumer durables sector.

BSE-Sensex is up by 124 points and NSE-Nifty is trading up by 37 point. While BSE Mid Cap is trading up by 0.35%, BSE Small Cap index is trading up by 0.49%. The rupee is trading at 54.56 to the US dollar.

The growth in Index of Industrial Production (IIP) witnessed a pick-up in March and grew by 2.5% YoY as compared to 0.6% YoY growth registered in February. The robust rise was aided by the manufacturing and electricity sectors that grew by 3.2% and 3.5%, respectively on a year-on-year basis. Ten out of 22 industry groups in the manufacturing sector have clocked growth during March. However, mining output was down by 2.9% YoY. Capital goods grew by 6.9% YoY in March. The cumulative growth in IIP for the period April-March 2012-13 stood at 1%. During this period, the manufacturing and mining sectors grew by 1.2% and 4%, respectively whereas mining output fell by 2.5%.

Most of the software stocks are trading in green, with Moser-Baer India and HCL are leading among the gainers. As per financial daily, the Security and exchange board of India (SEBI) has accepted and approved a unique proposal of Wipro's chairman Azim Premji. As per the new norms of SEBI, a company has to comply with minimum 25% public shareholding norms. In order to achieve this requirement of 25% public holding, the promoter will be transferring its holdings to philanthropic trust. If SEBI had rejected the company's proposal, it would have had to sell its shares worth Rs 25 bn through offer for sale. Currently Wipro's promoter group holds 3.28% excess stake as per SEBI requirements. Reportedly, in two years Wipro would carry out sale of equity shares, forming part of the trust fund. Wipro was trading up by 0.20%

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