Indian share markets have continued on a firm note during the previous two hours of trade. Barring IT stocks, all the sectoral indices are trading in the green. Banking and metal stocks witnessed maximum buying pressure.
Banking stocks are in favor today. Bank of India and IDBI bank are the biggest gainers. According to a leading financial daily, ICICI Bank has initiated the process of repatriating capital from its Canadian subsidiary for the second time in as many years. The bank is also working towards optimizing the money invested in its UK subsidiary. ICICI bank Canada had earlier repatriated 75 m Canadian dollars in 2013-14 and the UK subsidiary had repatriated US$100 m in the previous financial year. The banks total equity investment in UK and Canadian subsidiaries has been reduced from 11% to 7%. ICICI bank has also announced to sell its shareholding in ICICI Bank Eurasia to Sovcombank and the transaction is expected to conclude by March this year.
Barring Jyoti Structure and Elgi Equipments, all the engineering stocks are trading positively. Shanthi Gears and Suzlon Energy are the leading gainers. According to a leading financial daily, Siemens Ltd has landed three orders from Diesel Locomotive Works. The order is reportedly worth Rs 4.5 bn for locomotive equipments. The company also stated that it will supply and supervise the installation and commission of three phase propulsion systems for Diesel Electric Locomotives and three-phase traction motors.