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Indian share mkts shed initial gains
Thu, 14 Mar 11:30 am

Indian share markets shed initial gains and traded in the negative territory during the last two hours of trade. Most sectoral indices traded in the red led by consumer durables and auto stocks. However, PSU stocks traded in the green.

The BSE-Sensex is trading lower by 57 points and NSE-Nifty is trading lower by 20 points. BSE Mid Cap and BSE Small Cap indices are trading down by 0.4% and 0.5% respectively. The rupee is trading at 54.45 to the US dollar.

Auto stocks are trading weak led by Bajaj Auto and TVS Motors. As per a leading daily, Tata Motors' owned Jaguar Land Rover has launched new version of Land Rover Freelander 2 in India. As per the management, this locally built vehicle in India has been very popular with the Indian customers. It is available in two variants- the 2.2 litre diesel TD4 SE and the 2 litre diesel SD4 HSE priced at Rs 38.67 lakh and Rs 43.92 lakh respectively. These prices are ex-showroom in Mumbai. The latest version will have a more premium look to it. It will have new exterior design features and upgraded equipment levels apart from new colours. In the interiors too, it will have new features like a centre console, 7-inch colour touch-screen with enhanced audio systems and a fully integrated navigation system.

Software stocks are trading in the red led by Moser Baer and Mphasis Limited. As per a leading daily, Infosys is now open to utilizing its cash in buying out companies or returning it to investors. This flexibility and less conservative approach comes in as a surprise to the investor community. The IT company has US$ 4 bn as cash reserves and in the past it has always expressed desire to hoard on to this huge cash. However, there is a change in its approach towards cash utilization now. Infosys has set a deadline of 12-15 months for itself for making any acquisition. In case, the company fails to strike any major deal, it will seriously consider returning this money to its shareholders.

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