Indian Equity markets remain firm

Wed, 10 Apr 11:30 am

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Indian equity markets have remained firm in the previous two hours of trade. Maximum buying interest have been witnessed in the IT and capital goods sectors while consumer durables and FMCG have faced the maximum selling pressures.

The BSE-Sensex is up by 40 points and NSE-Nifty is up by 7 points. BSE Mid Cap index is trading down by 0.28% while BSE Small Cap index is trading down by 0.29%. The rupee is trading at 54.54 to the US dollar.

Engineering shares are trading on a mixed note with Voltamp Transformers and Welspun Corp leading the gains while BGR Energy and Manugraph India are facing the maximum selling pressures. According to a financial news medium, Siemens has signed a contract worth Rs 1 bn with Bangladesh Steels Re-Rolling Mills (BSRM), the largest steel manufacturing company in Bangladesh. Siemens will build a Gas Insulated Switchgear (GIS) substation and will implement the project on a turnkey basis. Apart from the GIS, Siemens will also provide high-performance, reliable, cost-competitive and energy-efficient technologies such as control relay panels and a substation automation system. The project is expected to be commissioned in 15 months. This is the first private sector funded GIS substation project in Bangladesh and BSRM has plans of using the GIS substation to provide power to its new 1MTPA steel plant. Siemen's share is trading up by 0.14%

Steel shares are also trading on a mixed note with Tayo Rolls and JSW Steel leading the gains while Jindal Steel and Maharashtra Seamless are facing the maximum selling pressures. According to a financial news medium, Tata Steel seems to be firing on all cylinders. It has registered its best ever performance in FY13 in Hot Metal, Crude Steel, Saleable Steel production and total sales. The Company's sales of Flat product in FY13 have increased by 20.2% to 4.5 million tonnes as compared to 3.7 million tonnes in FY12 while the Company's Flat Products division has achieved its highest ever annual high end product sales of 190 kt to Auto customers as compared to 155 kt in FY12. Further, the Company's Long Products division has also achieved its highest ever sales of 3 million tonnes as compared to 2.9 million tonnes in FY12 while at the same time recording its highest ever annual retail sales of 1.2 mt as against 1.1 mt in FY12. The Company's Ore Mines & Quarries (OMQ) division has also achieved its highest ever iron ore dispatch of 15.0 million tonnes as compared to 13.2 million tonnes in FY12. Tata Steel's share is trading up by 0.33%.