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Indian share markets surge
Tue, 2 Apr 01:30 pm

As buying sentiment remained strong in index heavyweights, Indian share markets soared higher in the post-noon trading session. Majority of the sectoral indices are trading in green with oil & gas, metal and capital good stocks being the biggest gainers. Only realty and auto stocks are languishing in red.

BSE-Sensex is up 123 points and NSE-Nifty is trading up 32 points. While BSE Mid Cap is up 1%, BSE Small Cap index is trading up by 1.6%. The rupee is trading at 54.3 to the US dollar.

All the mining stocks are trading in green with MMTC and Ashapura Minechem being the biggest gainers. As per a leading financial daily, largest coal miner Coal India Ltd (CIL) missed its production target of 464.1 m tonnes for FY13 by 11.9 m tonnes. Therefore, its supply target of 465.2 m tonnes fell short by 4.8 m tonnes during the year. CIL had in February said that it would be able to meet its supply target for the year. The company mines 80% of the country's coal output. In order to ensure fuel supply to the economy, CIL had been directed by the government to sign Fuel Supply Agreements (FSA) with consumers. The company has signed FSA's with 56 power plants so far. CIL stock is currently up 0.4%.

Most of the PSU banks are trading in green with Canara bank and Union bank leading among gainers. As per a leading daily, the promoter of United Breweries (UB holdings) Vijay Mallya has sued State bank of India (SBI) for selling a portion of pledged shares worth Rs 1.0 bn of United spirits Ltd (USL). The petition is filed by UB Holding in the High Court, asking for stay order on sale of shares of its subsidiary USL by SBI. Reportedly, SBI sold a portion of USL shares it held as security in the market last week. Further, inspite of notice from the promoter, the bank is likely to sell the remaining shares. As per an SBI official the bank remains confident of the court ruling in the bank's favour. The move taken by the bank to recover dues by the SBI-led consortium came after Finance Minister P Chidambaram has asked state-run banks to take action against promoters of ailing companies. Banks led by SBI decided to sell shares of USL after Kingfisher failed to repay their dues worth over Rs. 7.5 bn since January 2012.

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