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Indian share markets tumble
Fri, 13 Jun 01:30 pm

Indian share markets plunged in the post-noon trading session. All the sectoral indices are trading in the red with realty, consumer durable and power stocks being the biggest losers.

BSE-Sensex is down 320 points and NSE-Nifty is trading 102 points down. BSE Mid Cap is trading 2.7% down and BSE Small Cap index is trading down by 3.5%. The rupee is trading at 59.57 to the US dollar.

Most of the auto stocks are trading in the red with Maharashtra Scooters and Ashok Leyland being the major losers whereas Escorts and Tube Investments are trading in the green. As per a leading financial daily, auto companies have demanded continuation of excise duty benefits for the sector during their interaction with the Commerce and Industry Minister Nirmala Sitharaman. In the interim budget, the erstwhile Finance Minister P Chidambaram had slashed the excise duty on small cars, scooters, motorcycles and commercial vehicles from 12% to 8%. Even SUVs and large cars were offered reduction in duties. The duty cuts were to remain in force till 20th June. The auto sector contributes 7% to overall GDP growth.

Cement stocks are trading mixed today with Prism Cement leading the stock of gainers. However, JK Lakshmi Cement and Heidelberg Cement are trading in the red. As per a leading business daily, UltraTech Cement is on verge of acquiring Jaypee Cement as it received approval from Bombay and Ahmedabad High Court to acquire the latter's unit in Gujarat. The company has already received an approval from capital market regulator SEBI, shareholders and the creditors for the acquisition. Jaypee's Gujarat unit has a cement capacity of 4.8 mtpa (million tonnes per annum) with 57.5 MW coal-based thermal power plant, limestone reserves for over 90 years and a captive jetty. The deal was valued at an enterprise value of Rs 38 bn. As part of the deal, UltraTech will pay off Jaypee Cement's debt of Rs 36.5 bn and the balance Rs 1.5 bn will be funded through issue of shares to Jaypee Associate. UltraTech Cement is trading up 0.4%.

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