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Markets firm on bargain picking
Wed, 13 Jul 11:30 am

Indian stock market continued to trading firm on the back of buying interest in heavy weights over the last two hours of trade. Stocks from the consumer durables and realty space are the biggest gainers, while stocks from the IT and FMCG space have gained the least.

The BSE-Sensex is trading up by 145 points, while NSE-Nifty is trading 44 points above the dotted line. BSE-Midcap index is trading up by 0.9% while BSE-Small cap index is trading 0.8% above yesterday's closing. The rupee is trading at 44.60 to the US dollar.

Hotel stocks are trading mixed with Hotel Leelaventure and The Indian Hotel Company Limited (IHCL) trading firm, while Oriental Hotels and Country Club are trading weak. As per a leading financial daily, after a gap of almost 3 years, hotel companies are planning to hike their room tariffs. With the main business season a couple of months away, hotel companies are expected to hike their room tariffs by 15-20% shortly. In recent quarters, while occupancy has been robust, rising raw material, power and fuel and employee costs have been squeezing the bottom line. IHCL, EIH Limited and Hotel Leelaventure have seen employee costs grow by 17-30% in 2010-11 while raw material and power and fuel costs have grown by 15-20% during the same period. It may be noted that while occupancy for hotel chains is presently close to 2007 levels, room rates are 20-25% lower than the rates for the same period.

Auto stocks are trading firm on back of buying interest in Eicher Motors and Force Motors. As per a leading financial daily, Tata Motors is going to construct a plant in South Africa. The work with regards this vehicle assembly plant is expected to begin from this month itself. However, the management declined to provide the details of the plan. The company has been looking to establish such a plant since quite some time and it is a milestone in the journey of the automobile company. The plant will be located at Rosslyn, an industrial area north of Pretoria. It is likely to produce commercial vehicles and buses for the local and African market.

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