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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets move into the green 
(Mon, 9 May 01:30 pm) 
 
The benchmark indices in the Indian stock market recovered their losses in the last two hours of trade and now are trading in the green. Stocks from FMCG and Metal space are trading firm, while those from Auto space are trading weak.

The BSE-Sensex is up by 37 points while NSE-Nifty is trading 10 points above Friday's closing. BSE Midcap and BSE Small cap indices are also up by 0.2% each. The rupee is trading at 44.63 to the US dollar.

FMCG stocks are trading mixed with Henkel India and Marico Ltd leading the pack of gainers. However, the stock of P&G Hygiene and Dabur India are trading weak. As per a leading financial daily, Dabur India Ltd is on a major acquisition spree and is ready to spend Rs 30 bn to buy top firms and brands. The company has got share capital of Rs 14 bn and Rs 6 bn in cash. Hence, if the opportunity comes up, the acquisition should not be at the cost of equity dilution. The company has shortlisted 15 target brands and companies and initiated talks with most of them.

The company had acquired an over-the-counter multi-vitamin brand 30-Plus from Mumbai-based Ajanta Pharma Ltd for an undisclosed amount last week. Earlier in December, the company had withdrawn its bid for Gujarat based Paras Pharmaceuticals Ltd as it did not want to spend more than Rs 25 bn. The same was then acquired by Reckitt Benckiser Group Plc at a cost of Rs 32 bn. The company has suggested that it will be very comfortable with an acquisition size in the range of Rs 5 bn to Rs 8 bn as such acquisitions will be easy to digest and absorb.

Power stocks are trading mixed as well with Coal India and Tata Power leading the pack of gainers. However, NTPC and PTC India Ltd are trading in the red. As per a leading financial daily, Power Grid Corp. is likely to settle a deal to lease out its tower infrastructure by the end of current month. The company had picked out Viom Networks and Microqual Techno for the lease contract during December last year and expects to finalise the tender by the end of this month. The company representative refused to disclose the details regarding the size of the deal. The company had invited bids to lease out 12,000 towers to self governing tower firms or mobile service providers in four different states. These included J&K, Haryana, Punjab and Himachal Pradesh. It is expected to emerge with tenders for leasing in rest of India by the coming months. It projects its revenues from the telecommunication business to go up to Rs 3.5-4 bn by the next 4-5 years from the existing Rs 1.5 bn. It owns 1.5 lakhs towers across the country. Out of these, 70% are situated in semi-urban and rural areas.

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