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No relief from weak global cues
Thu, 8 Nov Closing

In what started as a strong negative reaction to the results of the US polls, global equity markets, including indices in Indian stock markets languished in the red throughout the session today. While the BSE-Sensex closed lower by around 56 points, the NSE-Nifty closed lower by 21 points. Amongst sectoral indices, auto and FMCG indices managed to buck the trend. While the BSE Mid Cap managed to end higher, the BSE Small Cap index lost around 0.2%.

Asian indices across the board closed lower today while Europe is trading in the negative currently. The rupee was placed at Rs 54.43 to the dollar at the time of writing.

As per a business daily, the delay in commissioning of gas pipelines passing through Odisha has caused a roadblock for Tata Power's gas-based power plant in the state. Tata Power had proposed a 2,000 MW coal-fired power project at Naraj near Cuttack. But, mounting protests from green activists owing to the proximity to a nearby wildlife sanctuary had forced the company to switch to gas-based mode. The change in technology of the proposed power plant (coal-based to gas-fired) was necessitated by delay in obtaining clearances from the State Wildlife Board and National Wildlife Board. Tata Power's 2,000 MW project was to come up on 1,000 acres of land. The company had claimed earlier that the land acquisition process was completed and it had paid Rs 1 bn to Odisha Industrial Infrastructure Development Corporation (Idco) towards acquisition cost.

Meanwhile group company Tata Motors, has announced plans to launch six new passenger vehicles and 25 new commercial vehicles in the first half of FY14. Further, the company's plan to roll out the CNG and diesel variants of Nano is on track. Nano sales rose 4% in October 2012 to 4,004 units. Tata Motors registered a 6% growth in its total sales (including exports) at 71,771 vehicles for the month of October 2012. The company's domestic sales of Tata commercial and passenger vehicles for the month of October rose by 7% YoY. However, the company's sales from exports were lower by 13% YoY.

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