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Indian share markets remain buoyant
Tue, 8 Oct 01:30 pm

Indian share markets continued to trade well above the dotted line in the post-noon trading session. Barring metal and IT, all the sectoral indices are trading in the green with capital goods, realty and banking stocks being the biggest gainers.

BSE-Sensex is up 81 points and NSE-Nifty is trading 18 points up. BSE Mid Cap is trading up 0.3% and BSE Small Cap index is trading up 0.4%. The rupee is trading at 61.6 to the US dollar.

Majority of power stocks are trading in the green, with Torrent Power and GVK Power being the major gainers. However, JSW Energy and National Thermal Power Corporation (NTPC) are among the few stocks trading in the red. As per a leading financial daily, Tata Power has entered a Memorandum of Understanding (MOU) with the government of Myanmar for setting up a power plant fueled by imported coal. The project is part of the company's drive to expand its overseas portfolio and is expected to be commissioned in 2019-20. The company has commenced feasibility studies and the capacity of the coal-fired power station will be based on the same. Tata Power's other overseas projects include hydro-electric projects in Bhutan, Georgia and Zambia and two wind power projects in South Africa. In the quarter ended June 2013, Tata Power's consolidated revenues grew by 29% YoY on the back of commissioning of all units of the Mundra and Maithon plants as well as more business from the trading segment. The company, however, reported a loss on account of forex losses as well as higher depreciation and interest charges arising from full commissioning of plants. Tata Power's stock is currently trading up by 1.5%.

Most of the Automobile stocks are trading in green with Escorts and Tata Motors being the top gainers. As per the financial daily, the domestic automobile sales for the month of September witnessed a positive trend for both car and bike segments. According to data released by Society of Indian Automobile Manufacturers (SIAM) for the month of September, domestic car sales grew by 0.73% YoY while motorcycle sales have increased by 17.4% YoY. Total two wheeler sales grew by 18.39% YoY for the month of September. However, commercial vehicles witnessed a decline in sales. This segment was down by 26.95% YoY during the month. Total sales across all the categories registered growth of 11.6% in September.

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