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Markets continue in the green
Tue, 14 Jun 11:30 am

Indian stock market indices traded firm over the last two hours of trade on the back of buying witnessed in index heavyweights. All sectoral indices are trading firm except consumer durables

The BSE-Sensex is up by 82 points while NSE-Nifty is trading 30 points above previous closing. BSE Midcap and BSE Small cap indices are up by 0.6% each. The rupee is trading at 44.76 to the US dollar.

Auto stocks are trading mixed with Tube Investments and TVS Motors leading the gains. However, Force Motors and Tata Motors are trading weak. As per a leading daily, production in India's largest auto company, Maruti Suzuki is taking a hit as the employees' strike enters into the second week. The company has so far faced a production loss of 8,400 units at its Manesar plant. This implies a loss of Rs 2.8 bn approximately. It may be recollected that the company is already facing problems of slower growth in production. The sector is in trouble as a result of rise in input costs along with rising interest rates. The ongoing strike is causing even further loss in production which certainly is not good for the company. There are concerns that if the strike continues, it could hurt the auto component suppliers as well.

Engineering stocks are trading strong led by Praj Industries and Everest Kanto Cylinders. As per a leading financial daily Larsen & Toubro (L&T) may hive off its nine independent business verticals into separate legal entities. They will be further listed on the stock exchanges by 2015. The company had restructured its entire business into nine divisions early this year. As per the initial resolution, the divisions will be hived off in the form of subsidiaries or affiliate companies. Separately, as per a top official, the company is expecting 20% annual growth in its electrical and automation (E&A) business over the next five years. The E&A business, one of the nine independent verticals of the US$ 11.7 bn company, has five manufacturing units in India and six abroad. For its growth plans, the company has placed bets on the Restructured Accelerated Power Development and Reform Programme (R-APDRP).

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