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Indian share markets remain weak
Fri, 3 Aug 01:30 pm

Indian share markets recovered some losses but continued to trade below the dotted line in the last two trading hours. Barring pharma and IT, all the other sectors are trading in red with metal, capital goods and auto stocks leading the losers.

The BSE-Sensex is trading down 109 points and NSE-Nifty is trading down 36 points. Both BSE Mid Cap and BSE Small Cap indices are trading down 0.4% each. The rupee is trading at 56.0 to the US dollar.

Barring Mahanagar Telephone Nigam Limited (MTNL), all the telecom stocks are trading in red with Reliance Communications and Tata Communication being the biggest losers. As per a leading financial daily, Bharti Airtel's infrastructure arm Bharti Infratel has entered into a partnership with OMC Power to power the telecom tower sites of the telecom major in rural regions. As per the agreement, OMC will set up micro power plants in Bharti Infratel's offgrid and poor grid telecom tower sites in rural regions using renewable energy sources. The partnership is expected to reduce dependence on diesel-powered gensets to electrify towers. Reportedly, Bharti Infratel has 33,000 towers out of which 9,000 are located in off-grid and poor grid locations. Bharti Airtel stock is down 1.2%.

Most of the paint stocks are trading in green with Berger Paints being the biggest gainer. Kansai Nerolac announced its results for the quarter ended June 2012. The company reported 11.2% YoY topline growth during the quarter. While the inflationary pressures have eased out a bit, rupee depreciation continued to dampen profits. Though the company was able to partly offset the cost inflation, it was not sufficient to shield margins which declined by 60 bps YoY to 13.4%. Earnings grew by a sluggish 3.4% YOY on account of 5.6% YoY fall in other income and 30% YoY rise in depreciation expenses during the quarter. The stock is up 1.9%.

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