Indian share markets continued to hover a tad above the dotted line in the post-noon trading session. Majority of the sectoral indices are trading in the green led by pharma and auto. Realty and oil and gas are among the few stocks trading in the red.
BSE-Sensex is up 16 points and NSE-Nifty is trading marginally down after the trading resumed post three hour outage. Both BSE Mid Cap and BSE Small Cap indices are also trading flat. The rupee is trading at 59.66 to the US dollar.
Most of the automobile stocks are trading in the green led by TVS Motors and Force Motors whereas Bajaj Auto and Hero MotoCorp are trading in the red. As per a leading financial daily, shareholders of Tata Motors have turned down the proposal to increase the remuneration of its top management that include the late managing director, Karl Slym and other executive directors. Consequently, the salaries of these management personnel will remain unchanged. The refusal to approve the remuneration proposals for the company's top management signals growing concerns of shareholders with respect to the company's performance. Tata Motors reported a revenue growth of 23% YoY for FY14. The growth was mainly driven by JLR while the standalone entity posted a decline of 23% YoY. For the standalone entity (Indian operations), the sales volumes (including exports) in both commercial and passenger segment considerably declined during the year. Tata Motors' stock is trading up 3%.
Engineering stocks are trading mixed. Gainers are being led by Blue Star and Lakshmi Machine Works, while Shanthi Gears is witnessing maximum selling pressure. L&T has informed stock exchanges in its filing that its construction division has won orders worth Rs 14.6 bn. The orders include projects from educational institution in UP, automobile company for construction of regional stockyard, and a third one from West Bengal's spare parts distributor. The largest order is for the construction of international airport in Kerala that involves integrated terminal and tower complex for air traffic controller. This airport is expected to have 75,000 sq. m. domestic and international terminal with 48 check-in counters, 32 immigration counters and 16 escalators that could handle peak capacity of 2,000 passengers an hour. L&T's stock is trading marginally higher on the bourses today.