After opening on a firm note, the Indian Markets continued to trade positively. Sectoral indices are trading mixed with stocks from the telecom and pharma sectors leading the gains, while mining stocks are witnessing selling pressures.
The BSE-Sensex is trading up 133 points (up 0.5%) and the NSE-Nifty is trading higher 39 points (up 0.5%). The S&P BSE Midcap index is trading up by 0.9%, while the S&P BSE Smallcap index is up by 0.5%. The rupee is trading at 64.96 to the US dollar.
Engineering stocks are trading mixed with Punj Lloyd and Cummins India being the key gainers. As per a leading financial daily, Titagarh Wagons has received an approval for merger of some of its subsidiaries. This includes Titagarh Marine (TML), subject to some necessary compliance procedures on the company's part. The company has also authorized the Merger & Acquisition Committee to get a detailed scheme and other data prepared on the subject for further consideration of the matter. All of the above was discussed and approved by the board of directors at their meeting held on August 12, 2015. Titagarh Wagons is engaged in the business of manufacturing Railway Wagons, EMU (Rail Coaches), and Bailey Bridges. Presently the scrip of the company is trading higher by 0.5%.
Banking stocks are also trading mixed. SBI and IDBI Bank are the key gainers at the moment. As per an article in Business Standard, IDBI Bank has posted a 27% rise in its net profit for the quarter ended June 2015 on a YoY basis. This was backed by a substantial rise in its net interest income (NII) and other income (comprising of fees, commissions and treasury earnings). The bank's NII rose 20% on a YoY basis. Credit witnessed an 11% YoY rise while deposits grew by 15% YoY. Other income for the company surged 28% YoY. The stock of IDBI Bank is trading up by 1.8%.