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Indian share markets remain buoyant
Fri, 19 Jun 01:30 pm

Backed by overall buying, Indian share markets continued to trade well above the dotted line in the post noon trading session. Barring realty and power stocks, all the sectoral indices are trading positive. FMCG, metal & oil and gas stocks are leading the gains.

BSE-Sensex is up 153 points and NSE-Nifty is trading up by 32 points. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.6% and 0.5%, respectively. The rupee is trading at 63.84 to the US$.

Majority of the power stocks are trading on a negative note with Reliance Power and Power Grid leading the pack of losers. According to a leading financial source, state-run power generation company NTPC is at a very advanced stage of the takeover process and will seek its board's nod on the takeover of Damodar Valley Corporation's (DVC) Raghunathpur thermal power plant in West Bengal's Purulia district. The first phase involves a 1,200 MW (2x600MW) thermal power plant, of which the first unit of 600 MW is ready, but the commercial commissioning is still to happen due to water, rail and road connectivity issues. DVC had proposed the (660x2) 1,320 MW power plants in the second phase and the cash strapped power utility was scouting for buyers carrying a debt burden of around Rs 300 bn and around Rs 100 bn arrears.

Shares of Hindalco Industries surged after it was reported that Life Insurance Corporation of India (LIC) has hiked its stake in the company, the metals flagship company of the Aditya Birla Group, to over 13%. The country's largest insurer acquired 2% stake in the firm through open market transaction between April 16 and June 17, 2015. After the transaction, LIC's stake in the company has increased from 11.328% to 13.337%. Hindalco Industries is currently trading at Rs. 122.05, up by 1.95 Rs or 1.62% from its previous closing of Rs. 120.10 on the BSE.

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