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Indian share markets remain buoyant
Mon, 23 Feb 01:30 pm

Indian share markets continued to hover well above the dotted line in the post noon trading session. Power and IT stocks are trading in the green while consumer durables and oil & gas stocks were leading the pack of losers.

BSE-Sensex is trading up by 99 points while NSE-Nifty is up by 20 points up. BSE Mid Cap and BSE Small Cap indices are also trading up by 0.44% and 0.68% respectively. The rupee is trading at 62.19 to the US dollar.

Majority of the auto stocks are trading in the green. Ashok Leyland and M&M are the biggest gainers while Mahindra Scooters and Eicher Motors are trading the weakest. According to a leading financial daily, Ashok Leyland, a flagship company of Hinduja Group inaugurated its state of the art workshop in Riyadh in Saudi Arabia. This is the sixth outlet opened by Ashok Leyland in the area. According to the company's Managing Director, the company intends to add three more workshops in the coming year along with their channel partner Western Auto. Middle East is one of the biggest markets for Ashok Leyland. On the occasion, the company delivered 150 buses to customers through Western Auto.

Private banking stocks are trading on a positive note. Federal Bank and J&K Bank are the leading gainers. However, Axis Bank and Karnataka Bank are the leading losers. According to a leading financial daily, the Competition Commission of India has approved the proposed merger of Kotak Mahindra Bank and ING Vyasa Bank. Kotak Mahindra had announced the buyout of ING Vysya Bank in an all-stock deal in November last year. As per the order, the merger scheme provides that for every 1,000 shares held by the shareholders of ING Vysya, 725 shares of Kotak will be allotted to the shareholders of ING Vysya. Reportedly, the merger would make Kotak the fourth largest lending bank in the country. Kotak Mahindra was trading up by 1.6% on the BSE at the time of the writing.

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