Indian stock market indices continue to trade weak over the last two hours of trade on back of heavy selling activity witnessed across industry heavyweights. Auto and Metal stocks witnessed maximum selling pressure.
Energy stocks are trading in the green led by Bharat Petroleum Corporation Ltd (BPCL) and Cairn India. According to a leading financial daily, Gas Authority of India limited (GAIL) India is planning to enter a joint venture with Tamil Nadu Industrial Development Corporation (Tidco). The new company will make an investment to the tune of Rs 100 bn over the next five years across Tamil Nadu for setting up a power plant and pipeline infrastructure to carry LNG. Gail was setting an LNG terminal in Kochi and is planning to create pipeline infrastructure between Kochi and Bangalore via Tamil Nadu. About 310 km will come under Tamil Nadu. Gail will supply gas for industries, transportation and for household purposes (in main cities) on this 310 km route. The company is also planning to set up a 500 mega watt (MW) gas based power plant in Tamil Nadu.
Automobile stocks are trading weak led by Tata Motors and Maruti Suzuki. According to a leading financial daily, Tata Motors has announced its global sales for the month of April. The company's global sales remained flat at 87,377 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 25,143 units during April, up 29% from the same month last year. While sales of luxury sedans of Jaguar brand increased by 17% last month at 3,603 units, Land Rover sales were higher by 32% at 21,540 units. Total passenger vehicles sales stood at 49,369 units in April, 2012, a jump of 7% from the same month last year. Commercial vehicles sales were down by 8% to 38,008 units as compared to the same month last year.