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IT and telecom stocks lead gainers
Fri, 28 Aug 01:30 pm

After opening the day in the green, Indian Indices have remained positive in the post noon trading session. Most of the sectoral indices are trading positively with stocks from the IT, telecom and power sectors leading the gainers.

The BSE-Sensex is trading up 314 points (up 1.2%) and the NSE-Nifty is trading up 92 points (up 1.2%). The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.8%. In commodity markets, Gold prices, per 10 grams, are trading at Rs 26,513 levels. Silver price, per kilogram, is trading at Rs 34,246 levels. Crude oil is trading at Rs 2,855 per barrel. The rupee is trading at 66.11 to the US dollar.

Stocks in the banking space are trading mixed with Indian Overseas Bank and Union Bank leading the losses. As per a leading financial daily, public sector lender IDBI Bank has entered into a memorandum of understanding (MOU) with National Housing Bank (NHB). This MOU is a part of the implementation process of credit linked interest subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY). The scheme will focus to address the funding requirements of the urban poor belonging to the economically weaker sections. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers. Stock of the bank is currently trading up nearly 0.9%.

Aluminum stocks are trading on a positive note with NALCO and Hindalco witnessing maximum buying interest. One of the leading producers of aluminum and copper Hindalco Industries is planning to raise Rs 60 bn through the issue of non-convertible debentures on a preferential basis. The said funds will be used by the company to augment resources for the ongoing capital expenditure, refinancing and repayment of existing loans and debentures. Also, on a separate note, the company is also in the process to ramp up its aluminum production at Mahan in Madhya Pradesh and Aditya Aluminum in Odisha to the targeted capacity of 3,60,000 tonnes per annum each. Scrip of Hindalco Industries is trading up by 2.5% on the BSE.

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