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Indian markets extend gains
Wed, 24 Jun 01:30 pm

Indian Markets are trading positively in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the engineering and FMCG sectors leading the gains. However, aluminum stocks are witnessing selling pressure.

The BSE-Sensex is trading up 97 points (up 0.3%) and the NSE-Nifty is trading up 30 points (up 0.3%). The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.3%. On the commodity front, gold prices, per 10 grams, are trading at Rs 26,597 levels. Silver price, per kilogram is trading at Rs 36,056 levels. Per barrel crude oil is available at Rs 3,914. The rupee is trading at 63.62 to the US dollar.

Capital market regulator Securities and Exchange Board of India (SEBI) has eased the framework for start-ups in the country to raise capital from the stock market. SEBI has laid a different platform for such companies where they do not have to specify the exact end-use of such funds and resort to traditional metrics to justify the price at which they were selling shares. Further SEBI has also halved the time required between listing and closing of an initial public offering (IPO) to six days as against the current timeline of twelve days. This will be applicable for all public issues coming after January 1, 2016.

Automobile stocks are trading on a mixed note with TVS Motors and Mahindra & Mahindra bearing the maximum burnt. As per a leading financial daily, the high profile joint venture (JV) between Ashok Leyland and Nissan Motors, in which Ashok Leyland has 51% stake, is witnessing increased losses. This was because of the sharp drop in sales, write offs and a severe pruning in product portfolio. The company has made an impairment provision of Rs 2 bn out of total investment of Rs 5 bn in three Nissan JV entities. The after tax loss for Ashok Leyland Nissan Vehicles Ltd jumped to Rs 7.9 bn as against 1.7 bn in the previous fiscal. The stock of Ashok Leyland is currently trading down by 1.4%.

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