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Indian markets sustain gains
Thu, 14 Aug 01:30 pm

Indian stock markets continued to trade high led by continuous buying among index heavyweights during the previous two hours of trade. The mid and small cap stocks are leading among the market gainers. Among the sectoral indices, capital goods and banking stocks are leading the pack of gainers while software stocks alone are trading in the red.

The BSE-Sensex is trading up by 147 points and the NSE-Nifty is trading up by 37 points. The BSE Mid Cap index is trading higher 0.8% and the BSE Small Cap index is trading higher 0.7% today. The rupee is trading at 61.05 to the US dollar.

Most of power stocks are trading on a firm note today. Gainers are being led by Satluj Jal and Adani Power, whereas few stocks such as GVK Power is trading weak. As per a leading business daily, power utility major Tata Power is planning to sell its non-core investment as it wants to reduce its debt burden. The company net debt stood at Rs 386 bn in FY14 vs net debt of Rs 359 bn in FY13. As such, the group Chairman has said at the company AGM that it plans to relook at non-core investments to check whether it could be liquidated to reduce debt. Its non-core investments include stakes in Tata Teleservices (Mah), Nelco, Tata Ceramics, Tata Projects among others. In fact, the company has signed an agreement to sell 30% stake in PT Arutmin mine in Indonesia which is valued at about US$ 510 m. Tata Power is trading higher by 1% today.

Majority of the automobile stocks are trading in the green led by Ashok Leyland and Tata Motors. As per a leading financial daily, Tata Motors wants to revamp Tata Nano car and re-launch as 'Smart City Car' next year. The brand image of the car was hit due to delay in deliveries and incidents of fire catching that dented safety aspects for the car. The company has taken steps to safe-proof the car against fire catching incidents. In fact Tata Motors refocused on the safety aspect in its subsequent model Nano Twist. The company hopes to see a turnaround in Nano's fortunes post refurbishment that includes possible exports to international markets. Tata Nano is manufactured at the company's Sanand facility on the outskirts of Ahmedabad. Tata Motors stock is presently trading up by 2%.

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