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Consumer durables lead the rally
Mon, 11 Jun 11:30 am

Indian equity markets were trading in the green during the last two trading hours on the back of buying in index heavyweights. All sectoral indices, except healthcare stocks, were trading firm.

The BSE-Sensex is trading higher by 130 points and NSE-Nifty is trading up by 46 points. BSE Mid Cap and BSE Small Cap indices are trading firm by 0.9% and 1.1% respectively. The rupee is trading at 55.31 to the US dollar.

Auto ancillaries stocks are trading in the green. Amara Raja Battery and Amtek Auto are the biggest gainers while Fag Bearings and UCAL Fuel are the biggest losers. According to a leading financial daily, Bharat Forge is in talks to buy out a significant stake in Coimbatore-based Shanthi Gears. A deal with Shanthi Gears will help Bharat Forge widen its presence in the industrial gears business. Bharat Forge had formed a joint venture with British major David Brown last year to cash in on the demand for gears in the Indian power, wind, rail, mining, hydro and defence industries. Although the details of the valuation are not yet known, investment bankers have estimated that Bharat Forge could end up paying Rs 2.2 bn to buy out 44% stake held by P Subramanian and family.

Engineering stocks are trading strong led by Shanthi Gears and Punj Lloyd. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) may not be part of the joint venture (JV) that plans to manufacture steel for core sectors. Rashtriya Ispat Nigam Limited was thinking of roping in BHEL as a partner with MECON (formerly known as Metallurgical & Engineering Consultants) for a joint venture that would set up plant for producing steel. The proposal is for setting up a plant at Vizag investing Rs 20 bn. As per the management of BHEL, the reason for opting out is that they are already producing manufacturing equipment for power, auto and rail sector at its various factories in Trichy, Ranipet, Bangalore, Hyderabad, Haridwar and Bhopal.

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Mar 19, 2018 (Close)