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Auto stocks lead the gains
Wed, 7 Oct 01:30 pm

Indian Indices are trading on a positive note during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the auto and metal sectors leading the gains. IT stocks are witnessing selling pressure.

The BSE-Sensex is trading up 68 points (up 0.3%) and the NSE-Nifty is trading up 10 points (up 0.2%). The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading up 0.5%. Gold prices, per 10 grams, are trading at Rs 26,622 levels. Silver price, per kilogram is trading at Rs 37,106 levels. The rupee is trading at 65.08 to the US$.

As per a leading financial daily, the cabinet may not hold discussions on the issue of loan restructuring of power distribution companies today. Earlier it was stated that the Union Cabinet is likely to consider this week a proposal to recast Rs 4.3 trillion worth of loans of nine state power distribution companies. This was planned in order to bring down their liabilities. Amid these hopes of government announcing measures to recast loans of power distribution firms, listed power companies such as Power Finance Corp (PFC) and Rural Electrification Corp (REC) had rallied sharply in last few sessions. It may be noted that subsidized tariffs along with a delay in payments by the government have long been causing the state electricity discoms to face a cash crunch. They are said to be incurring annual losses of about Rs 600 billion. On the back of this news, shares of power finance companies are trading lower currently.

Engineering stocks are trading mixed with Alstom T&D and EMCO leading the losses. As per an article in Business Standard, Siemens has signed a MoU with Infrastructure Leasing and Financial Services (IL&FS) and Gujarat International Finance Tec-City Company (GIFTCL) to develop smart mobility solutions for the 'tec-city'. As part of this, Siemens will collaborate with IL&FS to study, develop and design state-of-the-art city level mobility solutions within the GIFTCL city. The management of Siemens has in recent times expressed its optimism about the opportunities that lie ahead for the company in areas of mobility solutions and smart cities. Scrip of the company is presently trading up by 1.1% on the BSE.

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