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Indian share markets plunge further
Fri, 13 Sep 11:30 am

After opening on a flat note Indian share markets have dipped in the last two hours of trade. Sectoral Indices are trading mixed today. Capital goods and Realty are leading the gainers; while IT and FMCG are leading the losers.

BSE-Sensex is trading down by 45 points and NSE-Nifty is trading down by 10 points. BSE Mid Cap is trading up by 0.6%; while BSE Small Cap is trading up by 0.7%. The rupee is trading at 63.8 to the US dollar at the time of writing.

Most of the Power stocks are trading positive today. Jaiprakash Power and NHPC are leading the gainers. Tata power has sought approval from Planning Commission to divert surplus coal from its Mandakini captive mine in Odisha to its 1,050 MW Maithon project in Jharkhand. It operates the plant in partnership with Damodar Valley Corporation. The company said that its Mandakini coal mine can be allotted to its Maithon thermal power project as the project is facing coal shortage. Also, in event of shortage of coal, the company will have to resort to more imports; which may be more expensive given the rupee depreciation. According to the company's MD Anil Sardana; the Maithon plant is up and running but has to import coal to make up for gaps in domestic supply. On the other hand, the Mandakini block is likely to go into production shortly; while the projects it was supposed to provide coal to are still not on stream. Tata Power is trading 1.8% up today.

Most of the IT stocks are trading lower today. Wipro and HCL Tech are among the top losers. The country's third largest software services firm Wipro, has announced that it has launched a range of information technology (IT) products for the aviation industry. This portfolio comprises enterprise solutions and mobility solutions. Enterprise solutions include products for crew management, route profitability analysis, loyalty management, in-flight catering, aircraft maintenance planning and crisis management. Mobility solutions include products for pilots, cabin crew and flight dispatchers. It aims to address critical airline business functions, which have a direct bearing on service quality, operational efficiency and strategic decision making. Wipro has designed these products to provide a competitive advantage to an airline by filling gaps in their IT platforms, thereby providing them an edge over their competitors.

In September 2012, Wipro had entered into a strategic partnership with Qatar Airways to research and develop this portfolio by bringing together Wipro's IT expertise, and Qatar Airways' aviation systems expertise. This has now resulted in the new software products for the airline industry. The retail and transportation segment contributes 15% of Wipro's revenues. This vertical grew by 7% YoY in FY13. Wipro is trading down 3% today.

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Feb 23, 2018 (Close)