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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian share markets remain buoyant 
(Tue, 10 Jul 01:30 pm) 
 
Backed by persistent buying across the board, Indian share markets continued to hover at high levels in the last two trading hours. Barring FMCG, all sectoral indices are trading in green with consumer durables, auto and pharma leading the gainers.

The Sensex today is trading up 87 points and NSE-Nifty is trading up 27 points. Both BSE Mid Cap and BSE Small Cap indices are trading up by 0.7% each. The rupee is trading at 55.7 to the US dollar.

Majority of the mining stocks are trading positive with Ashapura Minechem and Metals and Minerals Trading Corporation of India (MMTC) being the biggest gainers. As per a leading financial daily, Coal India Ltd (CIL) has 102 of its coal mining proposals pending approval from environmental and forest departments. Reportedly, 25 of these projects are in the final leg of receiving clearances after which mining activity can commence immediately. If CIL receives a go-ahead on these proposals, then it should translate into an additional coal production of 105.6 million tonnes (mt) in FY13 itself. Surplus coal output should reach 152.8 mt by 2016-17. For FY13, the company has planned coal production target of 464 m tonnes (7% growth as compared to FY12) and 470 m tonnes of coal offtake (8% growth as compared to FY12). CIL stock is up 0.9%.

Most of the finance stocks are trading in green with Reliance Capital and J M Financial leading the pack of gainers. On the back of the uncertainty surrounding the interest rates and the sales of heavy trucks in the future, truck financer Shriram Transport Finance is looking at reducing its original plans of raising Rs 20 bn (through selling non-convertible debentures). As per the management, the company initially plans to raise Rs 3 bn (as against Rs 5 bn planned earlier) given that it has sufficient resources presently. The bond sale is expected to start by the end of the current month i.e. July 2012 or the first week of August. The change in these plans has happened in a short duration. It is reported that the company's board had decided to raise Rs 20 bn only two months ago. Details relating to the bond issue are still not confirmed as the company is yet to decide on the interest on the bond issue.

As per the company's management, given the slower growth of the Indian economy, a factor that drives the growth of commercial vehicles sales, the company would not require funds to the tune of Rs 20 bn. It may be noted that sales of commercial vehicles did gather momentum during the month of May 2012 (6.8% YoY), as compared to a 2.8% growth in the preceding month. However, when compared to last year's sales, sales volumes of commercial vehicles are expected to be slower. The company's stock is up by 1.7%.

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May 26, 2017 (Close)

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