Thursday April 10, 01:00 PM
Shedding gains? |
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By Equitymaster.com
Markets shed its early morning gains during the previous hour of trade. The advance to decline ratio is currently poised at 2.7 to 1. Select power and energy stocks are witnessing buying interest while those from the private sector banking space are trading weak.
The BSE Sensex is trading at 15,840 (up 49 points) while the NSE Nifty is trading at 4,777 (up 30 points). The rupee is trading at 39.83 to the dollar.
Automobile stocks are trading strong currently and major gainers include Punjab Tractors (4%), M&M (2%) and TVS Motor (2%). Tata Motors is trading marginally up. As per a leading business daily, the company is said to have shown interest in further expansion of business into the African continent. The company already has supplied complete knocked down (CKD) form of buses in countries such as Senegal and Congo. It has now announced a plan to set-up an assembling unit for its semi-knocked down (SKD) form of pickup trucks. The company also has plans of launching its low cost passenger vehicle, the 'Nano' in the continent.
Engineering stocks are also trading strong. Major gainers here include Thermax (4%), Punj Lloyd (3%) and Voltas (3%). Gains are also seen in Areva T&D (4%), which has announced plans to increase its next 2-3 years' capex from Rs 4 bn to Rs 7 bn. The company plans to double manufacturing capacity by 2010, and the said capex is expected to go towards ramping up capacities of transformers and switchgears. As a matter of fact, the company offers transmission & distribution (T&D) services along with manufacturing of power equipments. It has also announced plans to increase its headcount by 4,000 people from its current strength of 3,500. As per the management, the domestic growth will be determined by the T&D segment, which contributed to about 60% of the company's CY07 revenues.
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