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Indian share markets shed initial gains
Tue, 21 May 11:30 am

Indian share markets have shed initial gains during the previous two hours of trade. IT and oil and gas are leading the pack of winners while realty and auto are facing the maximum selling pressures.

The BSE-Sensex is down by 20 points and NSE-Nifty is down by 12 points. BSE Mid Cap index is trading down by 0.1% while BSE Small Cap index is trading down by 0.2%. The rupee is trading at 55.03 to the US dollar.

Mining shares are trading on a mixed note with Coal India Ltd (CIL) and Ashapura Minechem leading the gains while Sesa Goa Ltd and Metals and Minerals Trading Corporation of India Ltd. (MMTC) are leading the losses. CIL has reported its standalone results for the fourth quarter (4QFY13) and financial year ending March 2013. For 4QFY13 CIL's net profit has jumped by 90% YoY on account of dividend paid by subsidiaries. However, CIL's net sales for 4QFY13 have declined by 21% YoY to Rs 1.2 bn, vis-a-vis Rs 1.5 bn in the same period last year. For 2012-13, the coal miner has reported a YoY rise of 21.4 % in its standalone net profit at Rs 97.9 bn, again largely due to dividends paid by its subsidiaries. CIL, which has nine subsidiaries, will announce its results on a consolidated basis next Monday (May 27).

Energy shares are trading on a mixed note with Gujarat State Petronet and Gas Authority Of India Ltd. (GAIL) leading the gains while Petronet LNG and Chennai Petroleum are leading the losses. According to a leading financial news medium, public sector oil and gas explorer, Oil and Natural Gas Corporation Ltd. (ONGC) has added 84.8 m tonnes to its reserves for the year 2012-13, which is the highest reserve accretion by the oil major achieved in two decades. As a result of the discoveries made last year, the company now has much more oil, as well as oil-equivalent gas. Currently ONGC produces 44-45 m tonnes of oil plus oil-equivalent. This puts ONGC's reserve-replenishment ratio for 2013 at 1.9, the eighth consecutive year when the ratio is above 1. ONGC is a premier oil and gas company in India, accounting for 71% of the country's crude oil production and 54% of its natural gas production in 2011-12. It is also a significant producer of value added products such as liquefied petroleum gas (LPG), superior kerosene oil (SKO), and naphtha. ONGC's share is trading up by 0.9%.

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