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Mid cap stocks buck trend
Wed, 26 Jun 01:30 pm

Indian share markets continued to linger above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the green with IT, power and oil and gas stocks being the biggest gainers. However, auto, metal and pharma are among the few stocks trading in the negative.

BSE-Sensex is up 33 points and NSE-Nifty is trading 13 points up. BSE Mid Cap is trading down marginally where as BSE Small Cap index is trading up by 0.2%. The rupee is trading at 59.8 to the US dollar.

Majority of the mining stocks are trading in the red with Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Manganse Ore India Limited (MOIL Limited) being the biggest losers. However, Ashapura Minechem and Gujarat NRE Coke are among the few stocks trading in the positive. As per a leading financial daily, Coal India Ltd (CIL) has chalked out plans to set up seven coal washeries with an estimated capacity of 16 m tonnes. Presently, the company has 17 washeries with an installed capacity of 35 m tonnes. The new washeries are part of the 12th Five Year Plan and will be set up at an investment of Rs 20 bn. The washeries will be developed on a public-private-partnership format and will be on a turnkey basis. The maintenance cost of the washeries will be incurred by CIL. The company has already signed agreement for two washeries and would sign for two more in the near future. CIL stock is trading marginally up.

Most of the automobiles stocks are trading in the red with Mahindra and Mahindra and Tata Motors leading among the losers. As per a financial daily, Tata Motors expects a 3% growth in the market share of its passenger vehicles segment. This would increase the market share to 15% from the current 12%. Reportedly during the previous year, market share of the company had declined to 12%. As per Ranjit Yadav, who is president of Tata Motors passenger vehicle unit, though the company expects to improve the overall market share, the growth for next couple of quarters is expected to be weak. In order to improve, its service initiatives, the company is also revamping its sales outlets. The stock was trading down by 2.9%.

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