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Indian markets shed early gains
Thu, 15 May 11:30 am

After opening firm, the Indian Indices have shed their gains in the morning session and are trading below the dotted line. Profit booking is seen in capital goods and Metal stocks.

The BSE-Sensex is trading down 28 points and the NSE-Nifty is trading down 13 points. The BSE Mid Cap index is trading down 0.4%, while the BSE Small Cap index is trading down 0.6% today. The rupee is trading at 59.52 to the US dollar.

Most software stocks are trading lower today. While Wipro and Tech Mahindra are leading the losers. As per a leading financial daily, India's third largest software firm Wipro has won a multi-million dollar software contract. The contract is from a UK based firm, Xoserve and will be of seven year duration. Xoserve is a leading information and data service provider to the UK gas market. Under the contract, Wipro will replace Xoserve's two decade old legacy software system with the latest enterprise application software. The enterprise applications business is a key growth driver for Wipro as it contributes nearly 35% of the company's revenues. Wipro is trading down 0.8% today.

Fertilizer stocks are trading mixed today. Gujarat State Fertilizers and Zuari Global are leading the gainers; while Nagarjuna Fertilizers and Deepak Fertilizers are leading the losers. According to a leading business daily; Government's department of fertilizers has stopped supply of domestic natural gas to Deepak Fertilizers. As per the department, the company manufactures non-subsidized crop nutrients and as such should not get the cheaper fuel. Following this, the Oil Ministry issued orders for immediate stoppage of 0.5 million standard cubic meters per day of domestic gas being supplied to the company.

Nitrogen phosphorus and potassium (NPK) fertilizers under Nutrient Based Subsidy (NBS) scheme is free and the manufacturers of NPK can absorb the high cost of ammonia in the MRP. Therefore, Deepak Fertilizers which is exclusively manufacturing NPK fertilizers cannot be using subsidized domestic gas. According to the department of fertilizers, this should rather be allocated to urea manufacturing units, which are facing shortfall in supply of domestic gas or using high priced LNG. Deepak Fertilizers is trading 4.2% down today.

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