Better than expected performance from tech major Infosys and continued euphoria over Ben Bernanke's comments earlier this week combined together to give the Indian stock markets yet another strong outing today. Infact, gains today and yesterday erased the losses during the earlier part of the week and led the Sensex to edge higher by 2.4% for the week. As far as today's performance is concerned, it closed higher by 282 points (up 1.4%) while the NSE-Nifty edged higher by 74 points. BSE Mid Cap and BSE Small Cap indices remained laggards yet again and closed nearly flat today.
Other Asian indices also closed mostly higher today while Europe too is trading in the positive currently. The rupee traded at 60 to the dollar at the time of writing.
Tata Power, India's largest integrated power company has announced that it has added around 85,000 low-end power consumers in its Mumbai distribution network, thus taking its total consumer base in the region to 4 lakh. The low end power consumers are those that use less than 300 units per month. In another related news, electricity bills are likely to get expensive for the company's residential customer base as Maharashtra Electricity Regulatory Commission has approved an average increase in tariff to Rs 5.26 per unit from the existing Rs 4.19 per unit. This translates into an increase of 26% and will thus help the company overcome cost pressures of its own. The stock closed higher by 1% on the bourses today.
Sintex, the plastics and textile major, announced today that it is exploring the possibility of setting up new spinning unit of its textile division in the state of Gujarat under TUFS Scheme of the Central Government. The aim is to put to work a total of 320,000 spindles at a cost of Rs 17 bn. The capacity could be further increased to 1 m spindles in 5 years time. The company also announced its results for the June quarter today with net profits on a consolidated basis remaining nearly flat on the back of a 4% rise in total sales. The stock closed lower by 5% on the bourses today.