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Metal stocks lead the slump
Fri, 3 Aug 11:30 am

Indian equity markets continues to trade weak over the last two hours of trade. Metal and capital goods stocks witnessed maximum selling pressure while pharma stocks witnessed maximum buying interest.

The Sensex today is down by 179 points, while the NSE-Nifty today is down by 55 points. BSE Mid Cap index and the BSE Small Cap index are down by 0.55% and 0.52%. The rupee is trading at 56.11 to the US dollar.

Auto stocks are trading in the red led by Tata Motors and Bajaj Auto. According to a leading financial daily, Maruti Suzuki is exploring possibilities to ramp up its production capacity of diesel vehicles at its Gurgaon unit. This comes after the production of its best-selling models Swift and DZire is stalled at the Manesar facility. The company operated three shifts at Suzuki Powertrain India. Since the lock-out at the Manesar facility, they have curtailed production and are now running only two shifts a day. While production of transmissions would remain relatively unaffected, since these are used on all their models, the excess diesel engines may be used for increasing production of diesel vehicles at their Gurgaon unit. The changes being considered in the production processes may help counter a daily revenue loss of Rs 700 m the company has been incurring, owing to the lockout at the Manesar facility.

Energy stocks are trading weak led by Mangalore Refinery and Petrochemicals (MRPL) and Essar Oil. As per a leading daily, Reliance Industries (RIL) is planning to invest US$ 1 bn in its new aerospace division. The company will also increase its employee base by hiring around 1500 people. RIL is looking at global collaborations to bring in sophisticated civil and military aerospace technologies to India. We may note here that earlier in July, Reliance Industries applied a government licence to design and make equipment for military and civilian aircraft as well as unmanned airborne vehicles; The new business will be a part of the company's two new entities, Reliance Aerospace Technologies and Reliance Security Solutions, created about a year back. Reliance is aiming to double its operating profit in the next 4-5 years with more investments in flagship energy business as well as further development of telecom and retail operations.

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