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Indian share markets remain flat
Mon, 6 May 01:30 pm

Indian share markets continued to move in a narrow range-bound manner in the post-noon trading session. All the sectoral indices are trading positive with IT, metal and consumer durables stocks being the major gainers.

BSE-Sensex is up 43 points and NSE-Nifty is trading up 9 points. While BSE Mid Cap is up 0.7%, BSE Small Cap index is trading up by 0.8%. The rupee is trading at 54.0 to the US dollar.

Cement stocks are trading mixed with J K Lakshmi Cement and Prism Cement being the major gainers and Ambuja Cement and Shree Cement being the major losers. As per a leading financial daily, Ultratech Cement has outlined a capital expenditure plan of Rs 20 bn at its Rajasthan plant. The company wants to scale up capacity at Aditya Cement Works in Rajasthan by 2.9 million tonnes per annum (mtpa) and also set up two grinding units. The additional capacity is expected to be commissioned by March 2015. Among its recent capacity expansion initiatives, the company has commissioned a 3.3 mtpa clinkerisation plant in Chattisgarh and a 1.6 mtpa grinding unit in Maharashtra. Additionally, the company increased its cement grinding capacity at Gujarat plant to 0.6 mtpa and set up a bulk terminal in Kerala and a wall care putty plant in Madhya Pradesh. Post commissioning of these projects, the company's cement capacity has risen to 53.9 mtpa and the clinker capacity has increased to 41.8 mtpa.

Majority of the private bank stocks are trading in the negative with Kotak Bank and HDFC Bank being the biggest losers. However South Indian Bank and J&K Bank are among the few stocks trading in the green. As part of its financial inclusion drive, Reserve Bank of India (RBI) has allowed banks to carry forward the number of branches opened in rural areas, in excess of the stipulated annual target, to the next fiscal year. As per existing norms, banks have to open 25% of their new branches in unbanked rural areas. The banks, that exceed the 25% annual target, will be allowed to carry forward the excess number of branches to the next two years over the three-year cycle which will be co-terminus with the financial inclusion plan.

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