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Indian share markets slip in the red
Wed, 1 Jan 01:30 pm

After opening in green, Indian share markets slipped in the red in the post-noon trading session. Barring IT stocks, majority of the sectoral indices are trading in the green with realty, consumer durable and pharma stocks being the major gainers.

BSE-Sensex is down marginally and NSE-Nifty is trading up slightly. BSE Mid Cap is trading up 0.5% and BSE Small Cap index is trading up 1.1%. The rupee is trading at 61.8 to the US dollar.

Majority of the automobile stocks are trading in the green with Hero MotoCorp and Mahindra & Mahindra being among the major gainers whereas Force Motors and TVS Motors are among the few stocks trading in the red. As per a leading financial daily, Maruti Suzuki clocked a 4.4% downfall in sales at 90,924 units in December 2013. The domestic sales were up by 5.5% to 86,613 units for the month. However, a 67% slump in vehicle exports to 4,311 units pulled down overall sales for the company. Among car segments, offtake of the company's mini passenger cars and compact cars grew by 16.7% and 14.7%, respectively for the month. Even sales of compact sedan Dzire and vans grew by 18% and 5.3%, respectively. However, offtake of mid-sized sedan SX4 and utility vehicles fell by 17.6% and 5.5%, respectively in December. Maruti Suzuki stock is currently up by 0.3%.

Most of the engineering stocks are trading in the green with Punj Lloyd and Opto Circuits being among major gainers. Cummins India and Thermax are among the few stocks trading in the red. As per a financial daily, BHEL has upgraded its 200 MW thermal power plant in Uttar Pradesh. As a result the rated output of the thermal power plant has increased to 216 MW and even the working life of the machine has been extended by 15-20 years. The renovation and modernization work has been carried out at Obra thermal power station, an Uttar Pradesh government enterprise. It may ber noted that BHEL has been reporting poor financial performance in the last two quarters. In 1HFY13, its sales fell by 19%. Even its margins have halved due to higher expenses arising from provision for doubtful debts and other provisions related to contractual obligations and liquidated damages. Also, merger of HPVP with BHEL has led to one time loss. However, the company is hopeful of winning orders in the 13th five-year plan that should commence in FY15. BHEL stock is currently down marginally.

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