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Indian stock markets inch upwards
Wed, 24 Jun 11:30 am

After opening the day in the green the Indian stock market indices have surged upwards. Buying interest is seen in Pharmaceutical sector.

The BSE-Sensex is trading up by 83 points (0.30%) and the NSE-Nifty is trading up by 22 points (0.27%). The S&P BSE Midcap index is trading up by 0.18%, while the S&P BSE Smallcap index is trading up by 0.27% today. The rupee is trading at 63.68 to the US dollar. Gold and Silver are trading at Rs 26,644 per 10 grams & Rs 36,091 per kilogram respectively.

Stocks in Engineering sector are trading on a negative note with Larsen and Toubro (L&T) trading down by 0.16% and Voltas trading down by 2.51%. L&T rallied over 2% in yesterday's trade on reports that the company would list its IT service company L&T Infotech by the end of the calendar year 2015. L&T owns 100% shares of L&T Infotech, which it intends to dilute by 10-12%. L&T Infotech posted a net profit of Rs 7.6 bn and EBIDTA margins were at 20% levels for the fiscal year 2014-2015. L&T Infotech derives around 65% of its revenues from the US, another 20% from Europe and the balance from the rest of the world. L&T Infotech has shown a compounded annual growth rate (CAGR) of 27% in sales and 33% in adjusted net profits during FY 2011-2014. At the reported offer size the price to earnings valuations works out to be about 20 times.

Stocks in Automobile sector are trading on a negative note with Tata Motors trading down by 0.28% and Maruti Suzuki Ltd trading down by 0.59%. Tata Motors, India's largest automobile manufacturer announced its association with tyre manufacturer Ceat Ltd and mobile commerce platform Paytm, as new partners in Tata Motors Loyalty Programmes- Tata Delight and Tata Emperor. The partnership will enable the customers to accumulate and redeem points through transactions made on Paytm

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