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Final hour surge
Mon, 6 Jul Closing

The benchmark indices bounced back in the late afternoon trade after opening the day on a weak note. The Sensex finished 116 points higher while the NSE-Nifty gained 38 points. The BSE Mid Cap and BSE Small Cap also ended the day on an encouraging note with both the indices up by 0.9% and 1% respectively. Barring consumer durables and metal stocks, majority of the sectoral indices ended the trading day in the green.

Asian stocks edged lower today, as Greece voted against accepting further austerity, increasing the risk of the country's exit from the euro zone. European markets are broadly lower today with shares in France off the most. The CAC 40 is down 1.51% while Germany's DAX is off by 1.35% and London's FTSE 100 is lower by 0.43%. The rupee was trading at 63.57 against the US$ in the post noon session.

According to a leading financial daily, two-wheeler maker TVS Motor has launched a special edition of XL Super to commemorate the crossing of 10 m sales mark by the company's popular product. The company has launched the moped with special graphics, dual texture seat and chrome plated grab rail. It would also carry a specially designed one crore celebration sticker. The special edition TVS XL Super will be available in Tamil Nadu, Andhra Pradesh, Telangana and Karnataka.

Power sector companies ended the trading day with 0.27% gains led by Adani Power. According to a leading financial, the government has allowed state-owned NTPC and PTC India to charge dollar-linked tariffs for their new solar projects of 1,000 MW each on a pilot basis. The idea of developers getting dollar-linked tariffs from distribution utilities has been mooted to get grid parity for solar power. Distribution utilities are expected to quote tariffs in dollar-linked rates for 25-year contracts. Currently, solar power is sold at around Rs 6-7 a unit; coal-based power is sold at Rs 3-4 a unit and gases at around Rs 4.7 a unit. Dollar-linked tariffs can bring down solar power costs to below Rs 4.5 a unit. The Government has reset its solar mission target to have 100,000 MW by 2022. The country is expected to end 2015-16 with 6,000 MW of solar power capacity.

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