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Mid and small Caps buck the trend
Wed, 21 Sep 01:30 pm

The Indian stock market continued to trade in the red due to selling pressure in some heavyweights. Stocks from the oil and gas, auto, metal and software space are leading the pack of losers while those from banking and Public Sector Units (PSU) space are trading in the green.

The BSE-Sensex is trading down by 45 points while NSE-Nifty is trading 15 points below yesterday's closing. However, the BSE Mid Cap and BSE Small Cap indices are trading up by 0.5% and 0.4% respectively. The rupee is trading at 48.03 to the US dollar.

Software stocks have been trading mixed with Oracle Financial Services Software Ltd (OFSS), Info Edge, Mahindra Satyam and Patni Computers leading the pack of gainers. However, Tata Consultancy Services (TCS) and National Institute of Information Technology (NIIT Ltd) are trading in the red. As per a leading financial daily, Wipro is likely to exit its water purification operations that it entered four years back. Voltas is already in advanced talks with it for the acquisition. The move is in line with Wipro's strategy to exit small businesses that are facing increased competition and are not easily scalable. It will also let Voltas expand its water treatment business, which undertakes works for local civic bodies and for Tata group firms. The sale of the water business could reportedly be Wipro's first divestment. However, it has tried selling other smaller businesses like baby diapers and Vanaspati oil in recent past. The stock of the company is trading in the green.

Engineering stocks have been trading mixed as well with Sanghvi Movers, Everest Kanto Cylinder, Voltamp Transformers and Lakshmi Machine Works leading the pack of gainers. However, Opto Circuits, Elgi Equipments and Tata Robins Fraser (TRF Ltd) are trading weak. As per a leading financial daily, Crompton Greaves has received a go ahead for the proposed scheme of amalgamation of CG Capital and Investments (CGC, a 100% subsidiary) with itself (the holding company). Between the two, the former is the transferor company and Crompton Greaves is the transferee. The order has already been filed with the registrar of companies, Mumbai. The scheme has become effective on September 20, 2011 and the appointed date being April 01, 2010. Further, the amalgamation has resulted into increase in the authorized share capital of the company by Rs 0.85 bn. It comprises 425 m equity shares of Rs 2 each. Since CGC is 100% subsidiary of the company, the entire paid up share capital of CGC would be cancelled and the Transferor Company stands dissolved without winding-up. The stock of the company is trading firm.

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