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Markets extend their gains
Wed, 10 Aug 11:30 am

Indian stock market indices continue to extend their gains after opening firm. All the sectoral indices are trading in the green. Realty stocks and IT stocks lead the rally.

The BSE-Sensex is up by 337 points and NSE-Nifty is up by 108 points at the moment. BSE-Midcap and BSE-Small cap indices are up by 2.3% and 2.9% respectively. The rupee is trading at 45.1 to the US dollar.

Engineering stocks are trading firm led by Jain Irrigation and Suzlon Energy. As per a leading financial daily, ABB is all set to acquire Pune based Baldor Electric India. ABB group is a leading power and technology solution provider. The proposal is for acquiring 100% shares of Baldor Electric India from Baldor Holdings Inc, USA and Baldor Electric Switzerland. The deal is estimated to be worth Rs 0.36 bn and has been approved by the directors of ABB. Baldor provides sales and service assistance to its customers for electric motors, power transmission products, drives, generators and other products. Meanwhile, ABB declared results for the quarter ended June 2011. The engineering company's revenues rose by 17% YoY led by 22% growth in the power systems segment. Higher input costs resulted in slight increase in operating margin equaling 40 basis points. The net profit for the company grew by a modest 1% YoY.

Auto stocks are trading strong with heavy buying witnessed in Tata Motors and Mahindra and Mahindra. As per a leading financial daily, Hero Moto Corp is planning to make an investment in excess of Rs 45 bn. The two wheeler giant who ended its 27 year old partnership with Honda of Japan eight months ago is planning to set up two new plants in India in addition to the already existing three plants. The first plant is expected to come up in one of the southern states which will have a capacity of 0.75 m units. The second plant is expected to come up in one of the western states. The company has also identified 30 global markets covering Latin America, Southern Asia and Africa to start assembly plants to cater to the export markets. The company recently launched a new logo and a new corporate theme composed by A R Rahman.

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Stock Market Updates

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