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Metal, bank stocks elicit interest
Thu, 11 Jul 01:30 pm

Indian equity markets continued to trade strong during the post noon trading session. Barring stocks from consumer durables sector, all other sectors witnessed strong buying interest. Stocks from metal and banking sector were among the leading gainers.

BSE-Sensex is up by 368 points and NSE-Nifty is trading up by 112 points. While BSE Mid Cap is trading up by 0.80%, BSE Small Cap index is trading up by 0.59%. The rupee is trading at 59.90 to the US dollar.

Majority of the food stocks are trading in the green with ITC and Ruchi Soya Industries among major gainers. As per a leading financial daily, ITC is adopting a low carbon growth path by expanding its wind power generation capacity. The company has installed wind farms with over 70 MW capacity close to its facilities and is in the process of setting up 63 MW more. Presently, the contribution from renewable energy to the overall energy consumption for ITC is about 41%. The company wants to increase the share of renewable energy to over 50% over the next three years. Reportedly, ITC has invested over Rs 4 bn and is expected to invest a similar amount in setting up renewable energy projects in the country in future. The company has also reduced its overall power consumption across all business divisions in FY13.

Most of the Telecom stocks are trading in green with Acc networks and Bharti airtel are leading among the gainers. As per the financial daily, Bharti Airtel has sued telecom ministry for serving penalty notice to the company. The department of telecommunications (DoT) had received demand notice of Rs 6.5 bn. Reportedly, the company believes that the penalty charged is "devoid of any merit", and thus the department has no clear justification on the stated facts and in law. DoT said that it had found that the company was routing its national and international calls as local calls (SLD). The department had warned to stop carrying on the said act in 20013, however Bharti continued to do till 2005. This activity had caused loss to the government exchequer and state run Bharat Sanchar Nigam Ltd (BSNL) in 13 service areas. Bharti Airtel was trading up by 3.%

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