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Indian share markets remain buoyant
Tue, 9 Jul 01:30 pm

Indian share markets continued to trade higher higher in the post-noon trading session. Barring oil and gas, all the sectoral indices are trading in the green with consumer durable, power and pharma stocks being the biggest gainers.

BSE-Sensex is up 86 points and NSE-Nifty is trading 33 points up. BSE Mid Cap is trading up 0.4% whereas BSE Small Cap index is trading up by 0.5%. The rupee is trading at 60.0 to the US dollar.

According to a survey conducted by Associated Chambers of Commerce & Industry of India(ASSOCHAM), proposed investments by domestic and foreign businesses slumped by 75% in FY13. This reflects the tough macroeconomic environment and sluggish reform process that has derailed the capital investment engine in the country. As per ASSOCHAM survey, the country attracted 677 investment proposals valued at Rs 1.4 trillion during 2012-13. This is much lower than 2,828 investment proposals worth Rs 6 trillion received in the previous year. Among states, Maharashtra and Kerala attracted the largest share of investments at 20% and 10% of overall proposals in FY13. However, states such as Andhra Pradesh, Haryana, Karnataka, Tamil Nadu witnessed a fall in proposed investments during the year.

Most of the engineering stocks are trading in the green with Manugraph India and Alstom Projects leading among gainers. As per a leading financial daily, Alstom has said that India has a market potential of Euro 2 bn for setting up high-voltage transmission lines by 2018. Presently most of the electricity generated in India is alternating current (AC) that faces technical and commercial problems in transporting over long distances. Therefore AC is converted to direct current (DC) and transmitted through high-voltage direct current (HVDC) network. The electricity is again converted back to AC before being supplied to consumers. Alstom is presently setting up HVDC projects for the 800 KV-3,000 MW transmission lines between Champa and Kurukshetra. The company has started discussions for the phase-II of this project. Alstom T&D is currently trading up by 2.9%.

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