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Indian share markets slip in red
Wed, 10 Jul 11:30 am

After opening on a positive note, Indian share markets slipped into the red just some time back. Consumer durables and healthcare are leading the pack of winners while metals and auto are facing the maximum selling pressures.

The BSE-Sensex is down by 41 points while NSE-Nifty is trading 8 points lower. BSE Mid Cap index is up by 0.1% and BSE Small Cap index is up by 0.3%. The rupee is trading at 60.14 to the US dollar.

Barring HCL Infosystems and Info Edge, IT shares are trading in green with CMC Ltd and NIIT Ltd leading the gains. According to a leading financial news daily, HCL Tech has started an internal campaign called 'Reset' whose objective is to bring the mindsets of the company's top executives in line with the fundamental changes in the global technology outsourcing market. Accordingly, the Company would sharpen its focus on new technologies such as cloud, big data, social media and mobility. For HCL Tech, which employs nearly 85,000 people, growth has resulted from the superior performance of the 'Infrastructure Management' segment while its core 'Software Services' segment has lagged its peers although this segment still contributed to 72% of last fiscal's revenue. It is hoped that the new drive would enhance HCL Tech's performance across both the segments. HCL Tech's share is trading up by 0.8%.

Cement shares are trading on a mixed note with Ultratech Cement and Mangalam Cement leading the gains while JK Lakshmi Cement and India Cements are leading the losses. According to a leading financial news medium, Ultratech Cement is reportedly set to establish a Rs 25 bn greenfield cement plant in Tamil Nadu. It has done with the public hearing for the project in May, as part of the environment impact assessment and management plan. This plant will have the capacity of 5.5-million tonne a year with 4.5 mt clinker production, 75 MW captive power plant (with additional power from diesel generating sets of about 18 MW) and a waste heat recovery facility of about 15 MW. This new plant will have two production lines of 2.25 million tonnes each. The total project area is about 263 hectares with a plant area of about 86 hectares. This factory will add to the 36 million tonnes of cement production capacity in Tamil Nadu.

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