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Banks, commodity stocks find favour
Tue, 24 May 01:30 pm

The Indian stock market indices have consolidated gains in the last two hours of trade and now trading firm. Stocks from the banking, capital goods and commodity sectors are the trading firm, while those from realty and FMCG are trading weak.

BSE-Sensex is up 93 points while NSE-Nifty is trading 31 points above the dotted line. BSE Midcap is up 0.2%, while BSE Small cap indices is trading flat. The rupee is trading at 45.21 to the US dollar.

Power stocks are trading mixed with Gujarat Industries Power, Power Grid Corporation and GVK Power leading the pack of gainers. However, Neyveli Lignite and Reliance Infrastructure are trading weak. As per a leading financial daily, the employee union in Coal India has threatened a three day strike if the company fails to increase salaries next month. The date for a proposed strike is yet to be announced. Besides wage hike, the union has demanded an increase of 1% in provident fund (PF) interest rates for coal workers to bring it at par with 9.5% rate for other employees, jobs for land losers and against appointing contractors in mines. A single day strike implies an output loss of 1.2 m tonnes. It is almost equal to annual production from a midsized mine. Usually, wage increases are in the range of 20%-22. Currently, the staff costs account for 45% of company's expenditure. The company employs around 3.7 lakh workers. The stock of Coal India is trading in the red.

Media stocks are trading mixed as well with Saregama India, Deccan Chronical and Dish TV leading the pack of gainers. However, Fame India and Reliance Media Works are trading weak. As per a leading financial daily, the two biggest broadcasters of Indian TV, Subhash Chandra-owned Zee group and Rupert Murdoch's Star India Pvt. Ltd, are joining hands again, 12 years after they parted ways, to start a distribution venture in India. Currently, Star India has a joint venture with Sandeep Manchanda's DEN Network. Star India and DEN Network may part their ways with the formation of the new venture.

On the other hand, Zee Turner, a joint venture between Essel group and Turner International, distributes all zee channels. As per the official spokes person of Turner India, this joint venture will continue distributing all zee channels. Recently, Kalanithi Maran's Sun Network and Raghav Bahl's Network18 have started a similar distribution network, Sun18. The stock of Zee Entertainment is trading in the green.

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