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Auto stocks drive markets lower
Fri, 8 Apr 01:30 pm

The benchmark indices in the Indian stock market continued to trade in the red. Stocks from the FMCG and capital goods space are trading firm while stocks from auto and realty space are trading weak.

The BSE-Sensex is down by 51 points while NSE-Nifty is trading 20 points below the dotted line. BSE Midcap and BSE Small cap indices are down by 0.5% each. The rupee is trading at 44.05 to the US dollar.

Real Estate stocks are trading mixed with Mahindra Lifespace and IVRCL leading the gains. However, Patel Engineering and Sobha Developers are trading weak. As per a leading financial daily, the Income tax authorities of Haryana have detected a nonpayment of tax liability worth Rs 10 bn by construction major DLF group. The tax liability was on an income of Rs 25 bn earned from leasing out the SEZ (Special Economic zone) properties in Gurgaon and Chennai during 2008-09.The main companies under scanner are DLF Infocity Developers, Chennai and DLF Cybercity Developers, Gurgaon. The state IT authorities have rejected companies’ claims of exemption under SEZ Act. Instead, the companies have been issued notice to pay Rs 10 bn on the income in question as it comes from sale of SEZ properties and qualifies as a short term capital gain.

Most of the large cap software stocks are trading in the red. Wipro, Moser Baer India and Tech Mahindra are leading the pack of losers. The stocks of CMC Ltd and NIIT are trading in the green. As per a leading financial daily, Tech Mahindra has bagged a contract of size US$ 250 m. The deal is to manage the IT systems of Vodafone Hutchison Australia (VHA) for five years. The Mahindra group company has won the deal by replacing larger rivals IBM and Ericsson. Recently Tech Mahindra has been active in the Australian market. It is also vying for a back-office deal from the region's largest telecommunication company, Telstra. The stock of Tech Mahindra was trading in the red in the initial hours of the trade.

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