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Basket selling mars indices
Wed, 22 Feb 01:30 pm

As volatility continued to pervade Indian stock markets, the indices lost further ground in the last two trading hours. Most of the sectoral indices, barring IT are trading negative. Metals, realty and consumer durables stocks are the biggest losers.

The BSE-Sensex is trading down 248 points and NSE-Nifty is trading down 94 points. The BSE Mid cap and BSE Small cap indices are down by 2.8% and 2.5% respectively. The rupee is trading at 49.22 to the US dollar.

Majority of the automobile stocks are trading in red. Only Hero MotoCorp (up 0.76%), Maruti Suzuki (up 0.32%) and Tata Motors (Telco) (up 0.46%) are trading in green. Tata Motors wants to double its annual investment in Jaguar Land Rover (JLR) brands to 1.5 bn pounds starting from FY12. In December 2011 quarter, JLR business, global wholesale volumes witnessed a growth of 37% YoY and the overall business was up 41% YoY in GBP terms. Tata Motors' consolidated operating profits grew by 52% YoY, as operating margins expanded to 15.1% in 3QFY12 as compared to 14.3% during 3QFY11. The improvement in margins was largely on account of healthy performance by the JLR business. The company has selected a joint venture partner for manufacturing JLR cars in China and is awaiting government regulatory approvals.

Majority of the telecom stocks are trading in red. Only Tata Comm (up 5.6%), Mahanagar Telephone Nigam Limited (MTNL)(up 1.6%) and Reliance Communications (up 0.37%) are in the green.As per a leading financial daily, Idea Cellular has sought clarification of the recent ruling by Supreme Court as per which 13 of its 22 telecommunications licenses were cancelled. This ruling was part of a broader cancellation of 122 mobile telecom licenses that were allotted without auctions in India since January 2008. As per the company, its license applications were made in June 2006 that were unjustly delayed until 2008.Ideally, the applications should have been processed in 30 days time. Hence, if the approval had come in time, they would have been in the category of applications applied in 2004 and 2006, and not subjected to cancellation. The Supreme Court order regarding cancellation was issued early in February and will be effective after four months.

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