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Profit booking hampers indices
Wed, 29 Sep Closing

After opening into the positive, profit booking across index heavyweights in the ensuing hours pushed the indices into the red. There was no respite since then and the indices closed well below the dotted line in the final trading hour. While the BSE Sensex closed lower by around 148 points (down 1%), the NSE Nifty lost around 38 points (down 1%). The BSE Midcap and the BSE Smallcap also closed weak. While losses were seen across sectors, auto and IT stocks bucked the trend.

As regards global markets, Asian indices closed mixed today while European indices have also opened on a mixed note. The rupee was trading at Rs 44.99 to the dollar at the time of writing.

Shipping stocks closed in the red with the major losers being G.E. Shipping, ABG Shipyard and Mercator Lines. As per a leading business daily, the Indian government is looking to expand 13 major ports in the country. With this aim in mind, the shipping minister has stated India’s intention of investing around US$ 20.8 bn in 276 projects. The projects would be doled out through the public-private partnership (PPP) route. Currently, 22 PPP projects are under bidding and scheduled to be awarded in the current financial year involving an investment of almost Rs 160 bn. Further, India has completed 24 PPP projects involving an investment of almost Rs 65 bn. And 19 PPP projects were under implementation, having an investment of almost Rs 125 bn. Not just that, imports of coal and oil will be one of the key drivers of development in port and shipping sector. All these moves are part of the government’s strategy to make the Indian shipbuilding industry account for 5% of the global ship building market share by 2017. Currently it accounts for 1%.

As per a leading business daily, infrastructure finance company IDFC is looking to tap the overseas market for raising Rs 30 bn. This is in addition to Rs 34 bn that the company is raising via public issue of infrastructure bonds. The bond issue proceeds would be utilised to finance the infrastructure projects in the country. In FY10, IDFC financed nearly 20% of the total infrastructure outlay in the country. It must be noted that Infrastructure Finance companies (IFCs) can now raise external commercial borrowings (ECBs) up to 50% of their networth under the automatic route. IFDC with its newly instated IFC status has a networth of Rs 100 bn. The company had already raised Rs 20 bn through ECB in the current fiscal. This leaves further scope to raise Rs 30 bn through the overseas market during the fiscal. The stock closed higher today.

As per a leading business daily, Tech Mahindra is looking to acquire companies having revenues of US$ 50-100 m. Further, the company expects margin pressure to ease in the next two quarters and pricing to return to pre-recession levels in two to three years. Especially, in the US, the business is showing signs of a recovery and the management sees a healthy deal pipeline from there. Moreover, the company expects customers other than its top client BT Group Plc to drive growth. It must be noted that Tech Mahindra recorded a 4% QoQ decline in its sales during 1QFY11. Not just that, its operating margins fell by 4.8% QoQ due to adverse currency movements, higher average headcount and lower utilization levels. The stock closed higher today.

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