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Indian share markets remain firm
Mon, 1 Jul 11:30 am

Indian share markets have remained firm in the last two hours of trade with IT as the only sector facing selling pressures.

The BSE-Sensex is up by 77 points and NSE-Nifty is up by 24 points. BSE Mid Cap index is up by 1.2% while the BSE Small Cap index is up by 1.4%. The rupee is trading at 59.24 to the US dollar.

All except two automobile shares, Maruti Suzuki and Bajaj Auto are trading in green with Eicher Motor and Ashok Leyland leading the pack. According to a leading financial news medium, Tata Motors aims to launch one new model each year in the long-term. For the past few years there have been gaps in the company's product portfolio in the domestic passenger vehicle market. So, to fill this gap the company has decided to launch one new model each year. In the current calendar year, the company has launched 8 new products, but all of them are upgrades or variants of their existing products. The passenger car business in India has been hit hard over the last one year as customers are not purchasing new cars due to costly loans and rising fuel prices.

Tata Motors is India's largest automobile company, with consolidated revenues of US$32.5 billion in 2011-12. It is the leader in commercial vehicles segment and also the world's fourth largest truck and bus manufacturer. Tata Motor's share is trading up by 0.8%.

Engineering shares are trading on a mixed note with Emco Ltd and Jyoti Structure leading the gains while Manugraph India and Elgi Equipments are leading the losses. According to a leading financial news medium, Crompton Greaves will be buying back shares worth Rs 2.6 billion in order to boost its share price, which has fallen by around 22% this year. The company has fixed the buy-back price at Rs 125 per share, which is at a premium of 43.2% from its previous closing price of Rs 87.30 (on June 28 on BSE). The company's Board of Directors at its meeting held on June 28 has decided the same.

Crompton Greaves (CG) is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. CG's share is trading up by 1.4%.

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