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Indian markets shed some gains
Mon, 5 May 11:30 am

After opening in the green, the Indian Indices have shed some gains in the last two hours of trading. Selling is witnessed in Realty and Power stocks; while Engineering and Banking stocks are leading the gainers.

The BSE Sensex is trading up 53 points and the NSE-Nifty is trading up 8 points. The BSE Mid Cap is trading up 0.2% and the BSE Small Cap index is trading flat today. The rupee is trading at 61.10 to the US dollar.

Mining stocks are trading mixed today. Ashapura Minechem and MOIL Ltd are leading the gainers. NMDC Ltd and Gujarat NRE Coke are leading the losers. According to a leading business daily; the inter-ministerial panel which was set up to look into the issues pertaining to supply of fuel to certain end-use plants linked to coal blocks is likely to meet next week. The panel had earlier recommended that the quantum of fuel to those end-use plants which already had coal linkages and were subsequently converted into tapering linkage on allocation of coal blocks, which were later de-allocated, may be continued after taking the opinion of Central Electricity Authority (CEA) and Coal India Ltd (CIL). Tapering Linkage is a short-term linkage provided to those consumers who have been allocated captive coal blocks but the mines could not be developed on time. However, during the last meeting, CIL had said that it has already made substantial commitment to the power sector and all its subsidiaries were running a negative balance of fuel supplies. Coal India is trading flat today.

Engineering stocks are trading mixed today. Suzlon Energy and Alstom T&D are leading the gainers. Finolex Cables and EMCO Ltd are leading the losers. ABB India has declared its first quarter results of 2014. ABB's sales declined 8% to Rs 18.1 bn as compared to Rs 19.64 bn in the corresponding quarter last year. However, the decline in revenues was restricted by the execution of one large order from renewable energy sector. The company reported 20.9% rise in net profit at Rs 520 m for the current quarter as compared to Rs 430 m in the corresponding period of last year. The profit growth was on account of better execution and continuous cost optimization during the quarter. Order inflow grew by 28.7% YoY to Rs 19.82 bn. During the quarter the company received large orders for transformers, substations as well as medium voltage drives and traction converters. The order book at the quarter end stands at Rs.78.7 bn. ABB is trading flat today.

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