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Auto stocks buck the trend
Wed, 23 Mar 01:30 pm

After trading firm during the previous two hours of trade, Indian stock market indices have held on to their gains on sustained buying across sectors. All the sectoral indices are trading in the green except for auto.

Currently, the BSE-Sensex is up by 170 points, while NSE-Nifty is trading 51 points above the dotted line. BSE Midcap and BSE Small cap indices are both up by 0.76% and 0.59% respectively. The rupee is trading at 44.84 to the US dollar.

Sugar stocks are trading firm with Oudh Sugars and Sakthi Sugar leading the gains. However, EID Parry is trading weak. After an expectation of bumper harvest this season, the government has allowed sugar companies to export 500,000 tonnes of sugar under the open general licence (OGL) scheme. It may be noted that OGL is a permit given by the government that allows the companies to export sugar without any restrictions or conditions. The announcement for the export was made in December 2010. However, the decision was put on hold in the light of high food inflation. Subsequently, the Empowered Group of Ministers (EGoM) allowed exports after an expectation of bumper harvest. The government has also extended the stock holding limit on sugar, a move aimed at controlling inflation. It may be noted that allowing the mills to export the additional produce would enable them to make timely payments to the farmers.

FMCG stocks are trading firm with Archies and Gillette India leading the gains. BILT Paper Plc, a unit of India's largest paper maker Ballarpur Industries is planning to raise about US$ 330 m (Rs 14.8 bn) through an IPO on London Stock Exchnage (LSE). The funds raised via the IPO will be used to fund the expansion plans and pay off the debt. While US$ 170 m (Rs 7.6 bn) will be used for expansion of two existing paper production facilities, about US$ 140 m (Rs 6.3 bn) will be used to pay off the debt. Although the company has not specified the number of shares on offer, it is believed that two PE firms are likely to exit through the offer.

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