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Consumer durables, software propel markets
Tue, 19 Jul 01:30 pm

Indian stock market gained on buying interest in the index heavyweights over the last two hours of trade. All sectoral indices except auto are trading firm. Stocks from consumer durables, software and realty space are gaining the most while those from auto space are trading weak.

The BSE-Sensex is up 167 points while NSE-Nifty is trading 49 points above yesterday's closing. The BSE Midcap and BSE Small cap indices are up by 0.5% and 0.8% respectively. The rupee is trading at 44.54 to the US dollar.

Steel stocks have been trading mixed with Hindustan Zinc, JSW Steel and SAIL leading the pack of gainers. However, Gujarat Mineral Development Corporation, Jindal Saw and Bhushan Steel are trading weak. As per a leading financial daily, SAIL has merged Maharashtra Elektrosmelt (MEL) with itself and plans to infuse around Rs 15 bn in ferro alloys maker for expanding its capacity and putting up a power plant. SAIL received the approval for merger of MEL from the Ministry of Corporate Affairs last month, more than five years after it started the process.

The existing MEL shareholders would get one share for every 1.7 shares they hold in MEL. MEL, in which SAIL has a stake at 99%, has around one lakh tonne per annum manganese-based ferro-alloys making capacity at its Chandrapur facility in Maharashtra.

FMCG stocks have been trading mixed as well in the last two hours of the trade led by Paper Products, Marico and Pidilite Industries. However, Gillette India and Colgate Palmolive (India) are trading weak. As per a leading financial daily, Hindustan Unilever Ltd (HUL) is once again trying to redevelop its landmark Brookefields property in Bangalore. This time, it plans to co-develop the 26.5-acre property into an IT SEZ. Its wholly owned subsidiary, Brooke Bond Real Estates has called for bids for co-development. The land will be leased to the co-developers. As per the real estate sources, IT companies, Goldman Sachs and several real estate developers have expressed interest in partnering with HUL. It is said that HUL had talks with real estate consultancies including Tishman Speyer and Cushman & Wakefield to find partners for the project. As per the company spokesperson, the company has already received the SEZ approval for this site and is now evaluating alternative options to proceed further. However, the stock of the company is trading in the red.

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