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Banks and Engg stocks lead the gains
Fri, 9 May 11:30 am

After opening firm, the Indian Indices have continued to trade in the green. All indices except Healthcare are trading positive. Heavy buying is seen in Banking and Engineering stocks.

The BSE-Sensex is trading up 257 points and the NSE-Nifty is trading up 77 points. The BSE Mid Cap index is trading up 0.6% and the BSE Small Cap index is trading up 0.5% today. The rupee is trading at 60.06 to the US dollar.

Auto ancillaries stocks are trading positive today. Bharat Forge and RICO Auto are leading the gainers. Bharat Forge has announced that its German subsidiary- Bharat Forge Aluminum technik GmbH & Co KG (BFAT) has won a Euro 25 m multi-year contract from an OEM firm in Germany for supplying suspension components. According to Bharat Forge this deal win has been possible because of continuous focus on innovation, technology adaptation and execution track record of BFAT. The contract is likely to enhance the company's presence in the fast growing aluminum components business. Bharat Forge is also enhancing its capacity by adding a new press line with all auxiliary equipments; which will be commissioned in January 2015. The stock is trading 2.7% up today.

Software stocks are trading higher today. HCL Technologies and Tech Mahindra are leading the gainers. India's leading mid-tier IT firm Mindtree has announced a partnership with software consulting giant SAP. The tie-up has launched a mobile solution in Australia, based on the cloud platform. The two companies will offer this solution on a pay-per-use model. With this Mindtree is looking to get into the lucrative Australian consulting market. The suite will enable businesses to reduce the complexity in their business as well as improve efficiency of their existing SAP based systems. It will also help Mindtree's clients reduce costs as the upfront investment requirement is significantly reduced in the pay-per-use model. Mindtree is trading up 1% today.

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