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Sensex, Nifty Trade in Red; Metal & Pharma Stocks Lead the Losses
Fri, 28 Jul 01:30 pm

Indian share markets continued to trade in red during the noon session and were trading well below the dotted line amid disappointing earnings by corporates. Losses are largely seen in metal stocks, capital goods stocks and pharma stocks, while consumer durables stocks and software stocks traded in green.

The BSE Sensex is trading lower by 189 points and the NSE Nifty is trading higher by 49 points. Meanwhile, the BSE Mid Cap index is trading up by 0.3% & the BSE Small Cap index is up by 0.2%. The rupee is trading at 64.12 to the US$.

In news from mining sector, Vedanta has reported 44% rise in aluminium production in the April-June quarter. Total aluminium output in the quarter was 0.35 million tonnes despite pot outages at the company's Jharsuguda smelting unit. The production hike came on the back of capacity ramp-ups at the Jharsuguda-II and Balco-II smelters.

The Balco-II smelter was ramped up and capitalised during the quarter. Aluminium production was flat quarter-on-quarter, as the continued ramp up at Jharsuguda-II and Balco-II was offset by lower production from the Jharsuguda-I smelter due to the pot outage in early April 2017.

Meanwhile, as per an article in The Economic Times, Vedanta has initiated talks with South India-based Deccan Gold Mines Ltd (DGML) to acquire a controlling stake in the company as it seeks to get a bigger foothold in the new segment of precious metal mining in the country.

Reportedly, Vedanta is negotiating to buy a 26% stake to begin with and that in turn will trigger an open offer, giving it the opportunity to get a controlling ownership.

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Established in 2003, DGML is India's first private sector gold exploration company and the sole gold exporter. The company has a large portfolio of exploration prospects in Karnataka and Andhra Pradesh. As many as 15 of its prospecting licence applications and three mining lease applications are awaiting approvals from government authorities.

Deccan Gold Mines share price was trading jubilantly on the BSE (up 20%), while Vedanta share price was trading down by 1.6%.

Moving on to news from automobile sector. Automobile stocks are trading on a mixed note with Escorts Ltd share price and Maharashtra scooters share price leading the gains.

Mahindra & Mahindra (M&M) is reportedly in race for a US$6 billion order from the US government for postal delivery vehicles, and will submit over a dozen prototypes for road-testing between September and November this year as the process enters its final round.

It is competing with four other companies for this high-value contract. If the company bags this contract, it will provide 1.8 lakh vehicles over a six-year period as the postal department liquidates its old fleet.

While the per vehicle cost is expected to be over US$35,000, the company also hopes to gain from the maintenance and repair contract.

As per the reports, the company is also planning to pump in Rs 50 billion for bringing out four new off-roaders in the SUV and utility vehicles space, including two from a new global platform.

It is also expected that the company will dig into its overseas product development teams during the making of the new vehicles. These will include the technical centre in the US.

M&M share price is presently trading down by 0.7%.

India Tops Growth in PV Sales

India is the fastest growing market for passenger vehicles (PV) among the top seven car markets. China continues to be the world's biggest auto market by volume.

During January- May 2017 period, India's PV sales expanded by 11.3% YoY. This came when the top two markets, China and the US saw a declining trend where volumes declined by 2.6% YoY and 9.8% YoY respectively. India's double-digit growth was led by companies like Maruti Suzuki, Hyundai, Honda and Tata Motors.

The double-digit growth came despite the auto industry witnessing some turbulent time in the last six months as demonetisation put a pause on a great run. Towards the end of fiscal year, a Supreme Court order banning the sale of vehicles that don't conform to Bharat Stage IV emission rules saw some fire sale.

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