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Markets fall further post noon
Tue, 23 Oct 01:30 pm

The Indian markets fell deeper into the red during the post noon trading session. While stocks from the capital goods and realty spaces are leading the pack of gainers, those from the consumer durables and FMCG spaces are leading the pack of losers.

The Sensex today is trading lower by about 85 points (down 0.44%), while the NSE-Nifty is trading lower by about 30 points (down 0.5%). Stocks from the midcap and smallcap spaces are however trading flat with the BSE Mid Cap and BSE Small Cap indices close to yesterday's closing levels. The rupee is trading at 53.58 to the US dollar.

Majority of the stocks forming part of the BSE-Power Index are trading weak led by Suzlon Energy, Tata Power and Reliance Power. As per a leading financial daily, Tamil Nadu which is facing a severe power shortage has mandated large scale power consumers to meet 6% of their energy requirements from solar power by 2014. According to the policy, large scale users in SEZs, IT parks, telecom towers, colleges and residential schools, industries guaranteed with round the clock power supply and buildings with 20,000 sq mt built up area will have to fulfill 6% Solar Purchase Obligation (SPO). But domestic consumers, huts, cottage and tiny industries, power looms, LT industrial and agricultural consumers will be exempted from SPO. The state's new solar energy policy envisages production of over 3,000 MW of power exclusively from solar power over the next three years. Power consumers can meet their SPO by generating captive solar power or buying from third party developers or purchasing power from Tamil Nadu Generation and Distribution Corporation Ltd (TANGEDCO) at solar tariff.

Stocks of electrical equipment manufacturers Bajaj Electricals and Havells India are trading lower today. It is reported that Havells India is looking to increase its market presence by adding 50 exclusive Galaxy stores by the end of this financial year. Nearly half of these stores would be situated in south India. The company has a network of 172 such stores across the country. These stores are expected to contribute close to Rs 5 bn to the company's overall revenue. The company is looking at launching a new range of domestic appliances - including coffee mixers, electric kettles, pop-up toasters, amongst others - ahead of the festive season. As per the management, the company is targeting a market share of 10% to 12% in the domestic appliances market over the next three years.

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