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Indian stock markets bounce back
Thu, 21 Jul 11:30 am

Indian stock market indices have been trading firm over the last two hours of trade after opening the day's proceedings on a weak note. FMCG and IT stocks are trading firm, while realty and consumer durables stocks are among the top losers.

The BSE-Sensex is up by 28 points while NSE-Nifty is trading flat at the moment. BSE-Midcap and BSE-Small cap indices are also trading flat. The rupee is trading at 44.44 to the US dollar.

Energy stocks are trading firm led by Petronet LNG and Gujarat Gas. Petronet LNG declared results for the first quarter of FY12. The company witnessed an impressive 83% YoY growth in the topline on account of increase in volumes and higher capacity utilization. The company has done volumes of 133 trillion BTUs (British Thermal Units) this quarter, up 6% with respect to the previous quarter. Out of the total, 64% cargoes were long term contracts. The regasification charges also registered an increase of 5% as compared to the previous year. The operating profits for the quarter registered a growth of 77% YoY. The bottomline also registered an impressive growth of 131% YoY. As per the company management, the company has received approval for its capacity expansion plans. It is targeting expansion to 15 million tonne (MT) versus a current capacity of 10 MT.

Auto stocks are trading mixed with Tube Investments and Tata Motors trading firm while Hero Honda and TVS Motors are trading weak. As per a leading financial daily, Tata Motors is planning to set up manufacturing facilities across the world. This is part of Tata Motor's strategy to expand its global presence. As per a company spokesperson, Tata Motors is evaluating options across the world, starting with which product would be relevant for which market. Once the evaluation is done, the company will decided whether the product will be exported or manufactured locally. It may be noted that Tata Motors had announced earlier this month that it will start operations of an assembly plant for commercial vehicles in South Africa. As of now, Tata Motors has truck assembly units in Thailand and Bangladesh. It also produces pick-up Xenon in Thailand.

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