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Realty & power strong gainers
Tue, 24 Jun 01:30 pm

Indian share markets continued to surge in the post-noon trading session. All the sectoral indices are trading in the green with realty, power and consumer durable stocks being the biggest gainers.

BSE-Sensex is up 331 points and NSE-Nifty is trading 80 points up. BSE Mid Cap is trading 1.7% up and BSE Small Cap index is trading up by 1.8%. The rupee is trading at 60.11 to the US dollar.

Majority of the Food stocks are trading in the green with Sterling Biotech and Ruchi Soya being the major gainers whereas Nestle and GSK Consumer are trading in the red. As per a leading financial daily, tea companies are likely to be impacted by the drop in tea production coupled with higher operational costs to fight pest attack as well as increase in irrigation facilities due to prolonged dry spell. As per the Indian Tea Association, overall tea production in 2014 is expected to be lower by 5%-7%. Even export realizations are likely to be lower on account of stiff competition from Kenyan teas. However, firm tea prices in the domestic market may offset the impact on the profits of tea companies to some extent.

Majority of the finance stocks are trading in the green with Reliance Capital and J M Financial being among major gainers. As per a leading financial daily, Power Finance Corporation (PFC) is planning to tap funds from the overseas debt market in light of the revival in interest in the country's power sector. PFC is one of the biggest lenders in the domestic power industry and is planning to raise funds to the tune of $250 million through external commercial borrowings (ECBs). Lenders prefer to raise funds through ECBs as interest rates are attractive even after hedging. The company had ECB borrowings of $ 500 m in FY13. PFC stock is presently trading up 3.9%.

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