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India's Third Giant Leap

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Mid & Small Caps the worst performers
Mon, 24 Jun Closing

Weakness across Asia made its presence felt in the Indian stock markets too as benchmark indices remained weak throughout and closed the day significantly in the red. Just as markets are yet to come to terms with the tapering of the Fed's quantitative easing, fresh liquidity concerns emerged out of China and this put further pressure on the indices. Thus, while BSE-Sensex edged lower by around 230 points today (down 1.2%), fall on the NSE-Nifty came in at around 80 points. BSE Mid Cap and BSE Small Cap indices fared even worse, losing around 2.6% and 2.2% respectively. Nearly four stocks fell for every one stock that closed the day in the green on the Sensex.

With regards to international markets, while Asian indices had a negative outing today, indices in the European markets are also trading lower currently. The rupee was trading at Rs 59.8 to the dollar at the time of writing.

With an aim to encourage cross selling of its products, Titan Industries has combined its loyalty programmes across three brands into one Encircle loyalty card. Earlier, the company followed the practice of running three separate loyalty programs each for its eye care, Tanishq and World of Titan range of products. However, after the current move, Titan's customers would be able to redeem points across around 950 stores of its different brands as opposed to just one channel earlier. The stock closed marginally lower today.

Tata Power, India's largest private sector power producer, is now eyeing international markets with the hope of having 5,000 MW generation capacity overseas. As per reports, feasibility studies for thermal power projects have already started in Vietnam and Myanmar. In each of these two countries, the company is initially planning to have capacities of 600 MW. Also on the radar are countries like Indonesia, the Middle East, South Africa, Bhutan, Georgia and Australia amongst others. It would be a long drawn process as feasibility studies usually take around 15-18 months with development of project using up another 3-4 years. The stock ended up nearly flat today.

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