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Banking stocks decline
Fri, 7 Aug 01:30 pm

Indian Indices are trading on a flat note in the post noon trading session. Sectoral indices are trading mixed with stocks from the mining and auto sectors leading the gainers. However, banking stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading up 14 points (up 0.05%) and the NSE-Nifty is trading down 0.8 points (down 0.01%). The S&P BSE Midcap index and the S&P BSE Smallcap index are trading marginally, up by 0.2% and 0.4% respectively. Commodity prices are trading on a positive note. Gold prices, per 10 grams, are trading at Rs 24,882 levels. Silver price, per kilogram is trading at Rs 33,880 levels. Crude oil is trading at Rs 2,884 per barrel. The rupee is trading at 63.77 to the US dollar.

Textile stocks are trading on a mixed note with Vardhman Textiles and Vardhman Holdings witnessing maximum buying interest. According to Financial Times, SRF, the domestic leader in refrigerants, engineering plastic and industrial yarns, has received an approval for three investment proposals worth Rs 3940 m from its board of directors. The first investment proposal is for setting up of a new Greenfield packaging film line in the Domestic Tariff Area, Indore with an estimated cost of Rs 3,560 m. the second approval is for the setting up of R-134a Pharma Grade Manufacturing and Filling facility at Dahej, Gujarat for Rs 260 m. The third investment approval is for converting the HFC 134a plant at Bhiwadi into a swing plant to produce both HFC 134a and HFC 32 at an estimated cost of Rs 120 m. the company has its presence in Dubai, South Africa and Thailand. Stock of SRF is trading down by 0.5%.

As per an article in Business Standard, Bajaj Electricals has posted a threefold rise in its standalone net profit for the quarter ended June 2015. This was on account of turnaround in engineering and projects division and better product mix in consumer durable and lighting segments. Net income witnessed a YoY rise of 13.7% during the concerned period. The engineering, procurement and construction (EPC) segment registered a growth of 54.2% in its total revenue. Currently the stock of Bajaj Electricals is trading up by 2.7%.

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