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Indian share markets stagnate
Mon, 13 Aug 01:30 pm

Indian share markets turned weak but continued to hover along the dotted line in the last two trading hours. Majority of the sectoral indices are trading positive with consumer durables, realty and Oil and gas leading the gains whereas auto, banking and FMCG stocks are the only losers.

Both BSE-Sensex and NSE-Nifty are trading down 3 points. BSE Mid Cap is up 0.1% and BSE Small Cap index is up 0.2%. The rupee is trading at 55.3 to the US dollar.

Majority of the power stocks are trading in green with Indiabulls Power and GVK Power & Infra trading the strongest and Power Grid and NHPC trading the weakest. As per a leading financial daily, Tata Power is scouting for opportunities in the overseas market for transmission business as the domestic market does not offer scope for private companies to operate in the segment. The company entered the transmission sector by acquiring 51% stake in the 1200 circuit km Tala Transmission Project, jointly promoted by state-run Power Grid Corporation Ltd (PGCL). PGCL is a large player in the transmission sector and operates 94,000 circuit km of transmission lines along with 154 sub-stations. The joint-venture company Powerlinks Transmission has been formed to evacuate power from Tala hydro project in Bhutan and transmit surplus electricity from the Northeastern states to the Northern region. Recently the company has said that is on the lookout for overseas locations for power generation as delays in approvals and fuel shortage were adversely impacting its business. The company has set a generation target of 26,000 MW by 2020 and is looking at setting up projects in Africa, Southeast Asia, West Asia and Far East. The stock is down 0.4%.

Most of the automobile stocks are trading in the red with Hero Motocorp and Escorts being the biggest losers and Maruti Suzuki being the biggest gainer. As per a leading financial daily, Mahindra & Mahindra (M&M) is looking to make Russia, the largest export destination for its vehicles over the next two years. Currently, M&M's subsidiary SsangYong Motor has completely knocked down (CKD) operations in Russia for only one model. The company wants to add more models to its CKD line-up by the end of next year. In the June 2012 quarter, M&M's auto exports surged by 37% mainly driven by robust demand from countries like South Africa, Chile, Brazil, Sri Lanka, Nepal and Australia. The stock is down 0.6%.

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