Indian share markets pared initial gains and traded marginally above the dotted line in the post-noon trading session. The sectoral indices are trading mixed with banking, metal and auto stocks leading the gains whereas IT, FMCG and consumer durables stocks are among the major losers.
Majority of the engineering stocks are trading in the green with Opto Circuits and Punj Lloyd being the biggest gainers. However, Manugraph India and Bharat Electricals are among the leading losers. As per a leading financial daily, Swedish engineering company ABB has said that it will continue to invest $ 100 m annually like it did in the past five years, even as power equipment companies in the Indian market are facing tough times. The company has said that it is looking at the next stage of growth when the Indian market turns around through the right policies. The company is utilizing this period to improve and expand its factories, increase product range, automate lines and build new factories. ABB's upcoming factory in Savli near Vadodara for new gas-insulated switchgear will be commissioned by 2013-end. The company is also commissioning a new factory for dry transformers at Savli and is also expanding existing facilities at Bangalore and Nelamangala. ABB offers solutions in the entire value chain beginning from mining equipment automation to optimization of generation to energy efficiency. The company is looking at opportunities in new areas such as renewable energy, metro projects and data centres of telecom and IT sectors. ABB stock is marginally up.
Most of the steel stocks are trading in green with Taya Rolls and Maharashtar Seamless being the major gainers. According to data compiled by Joint Plant Committee, steel consumption in the country registered a growth of mere 3.3% to 73.3 m tonnes in FY13. The growth has been impacted by the slowdown in the economy and is in fact the slowest in the past three years. Total steel production during the year grew by 2.5% to 75.5 m tonnes.