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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Indian share markets remain buoyant
Fri, 28 Feb 01:30 pm

Indian share markets pared some gains but continued to trade well above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the green with pharma, capital goods and metal stocks being the biggest gainers. However, consumer durable, realty and power stocks are trading in the red.

BSE-Sensex is up 60 points and NSE-Nifty is trading 9 points up. BSE Mid Cap is trading 0.2% up and BSE Small Cap index is trading up by 0.1%. The rupee is trading at 62.0 to the US dollar.

Power stocks are trading mixed today. While JSW Energy and NTPC are trading weak, Jaiprakash Power and CESC are trading on a positive note. As per a leading business daily, Tata Power plans to sell a 30% stake in its Indonesian subsidiary, PT Mitratama Perkasa for about US $120 m to an Indonesian conglomerate, Bakrie Group. Tata Power holds interest in to PT Mitratama Perkasa through its step down subsidiary. The deal is expected to be completed within two months. As per the company, prior to the stake sale, PT Mitratama Perkasa would be restructured to hold infrastructure related of PT Arutmin Indonesia. The deal is part of US $500 m agreement that Tata Power announced during end of January 2014 with regards to off load of 30% stake in its mining company PT Arutmin Indonesia, and its associated infrastructure assets, to the Bakrie Group. The move to off load stake is on account of continuing losses at Mundra's Ultra Mega Power Project (UMPP) which has been impacting the company's balance sheet and to reduce its dependence on debt. The stock of Tata Power is trading lower by 0.8% on the bourses today.

Majority of the investment & finance stocks are trading mixed with Prime Securities and Power Finance Corp being among major gainers whereas JM Financial and Mahindra Finance are the biggest losers. As per a leading financial daily, Shriram Transport Finance (STF) present in the used-truck finance business has forayed into pre-owned car segment through its auto malls. This business was started six months ago with the company already posting revenues to the tune of Rs 500 m that will increase to Rs 1 bn by September 2014. As per the company, the average ticket-size is around Rs 2 lakh. The sellers are from the institutional segment such as manufacturers, dealers or banks that have acquired possession of cars for non-payment of loan by borrowers or fleet owners whereas buyers are first-time individual buyers. The company's business model varies from other used-car businesses as the auto malls have a bidding mechanism for buyers that allow transparency and price-discovery. The stock of STF is currently trading up by 0.9%.

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S&P BSE POWER


Oct 19, 2017 (Close)

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