Indian indices languish in red

Wed, 11 Sep 11:30 am

   Previous Close   

   Pre-Open   

   09:30 am   

   01:30 pm   

   Closing   

After the strong upmove yesterday, Indian share markets have shed some of the gains in morning and continued to be weak in the past two hours of trade. The sectoral indices are trading mixed with stocks in Capital Goods and Realty sectors leading the gainers. Power and FMCGFMCG indices are leading the losers.

The BSE-Sensex is down by 109 points and NSE-Nifty is down by 31 points. BSE Mid Cap index and BSE Small Cap index are up by 0.98% and 0.63% respectively. The rupee was trading at 63.8 to the US dollar at the time of writing.

Cement stocks are trading on a mixed note with Mangalam Cement and Heidelberg Cement leading the gains; while India Cements and Prism Cement leading the losses.

According to a leading business daily, ACC Ltd is expediting efforts to regain its lost market share in West Bengal. The company had 12%-13% market share three to four years back which has come down to 11% now. For this purpose, the company is setting up a new capacity at Kharagpur in West Midnapore district in West Bengal. The company's Chief Executive for East region, Vivek Chawla said that the new proposed cement grinding unit for 1.5 m tonnes capacity and new focus on retail marketing will help the company increase its market share to 13-14%. The total market size of West Bengal is 6 m tonnes. Currently, ACC's production capacity in the state is only 0.6 m tonne p.a. at Madhukunda, near the Asansol-Durgapur industrial belt. But, in the Eastern region as a whole the company has a capacity of 6 m tonnes.

Most of the IT stocks are trading higher today. Mphasis and Financial Technologies are leading the gainers. The country's largest software services firm Tata Consultancy Services (TCS) has bagged a five-year multi-million Euro deal from SAS Scandinavian Airlines. Under the terms of the contract TCS will upgrade and improve the IT infrastructure of the airline, using its propriety cloud based solution. SAS Scandinavian Airlines is one of Northern Europe's major airlines, with more than 1,100 daily departures to 136 destinations in Europe, US and Asia.

Infrastructure Management services (IMS) contributed 11.5% of the FY13 revenues for TCS while Revenues from Europe was 9.5% of FY13 revenues. TCS, as part of its early geographical diversification strategy, had established its presence in the Scandinavian region of Europe way back in 1991. Its operations in the region now comprise over 5,500 professionals working across Sweden, Finland, Norway, Denmark and Iceland. TCS is trading up 0.6% today.