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Indian stock markets continue in the red
Tue, 10 Apr 01:30 pm

Indian stock market indices have been trading below the dotted line over the last two hours of trade. Barring FMCG and Auto stocks, all sectoral indices are trading in the red led by metal.

The BSE-Sensex is down by 52 points and NSE-Nifty is down by 11 points. BSE Mid cap index and the BSE Small cap index are down by 0.8% and 0.5% respectively. The rupee is trading at Rs 51.16 to the US dollar.

FMCG stocks are trading mainly in the red led by Pidilite Industries and Archies Ltd. As per a leading financial daily, Marico Ltd. will sell 4.6% stake in company for upto Rs 5 bn to two foreign investors, Indivest an affiliate of Government of Singapore Investment Corporation and Baring India Private Equity Fund. The company has received Board approval and is seeking shareholder's nod for the stake sale. Marico is proposing to allot 29.4 m equity shares of the face value of Rs 1 each at a premium of Rs 169 per share totaling to Rs 5 bn. The funds raised will be used to finance the acquisition of the personal care business of Paras from Reckitt Benckiser. The stock was trading in the red.

Engineering stocks are mainly trading in the red led by Praj Industries Ltd. As per a leading financial daily, BGR Energy has received an order worth Rs 18.5 bn from National Thermal Power Corporation (NTPC) for supply of two super-critical boilers. With this order, the company has made its foray into high-end power equipment space. The order comprises of supply of two 660 MW super critical boilers to be set up at Solapur in Maharashtra. The execution period of the contract is 4 years and the foreign exchange variation risk is fully protected. The stock was trading in the red.

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