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Markets trade near the dotted line
Mon, 12 Oct 11:30 am

After opening the day on a flattish note, the Indian indices continued to trade near the dotted line. Sectoral indices are trading mixed with stocks from the banking, auto and metal sectors leading the gainers while IT stocks are witnessing maximum selling pressure.

The BSE-Sensex is trading up 11 points (up 0.04%) and the NSE-Nifty is trading up 2 points (up 0.02%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up 0.4%. The rupee is trading at 64.75 to the US$.

Steel stocks are trading firm with Jindal Steel and Tata Steel leading the gains. As per a leading financial daily, Tata Steel has sold 2.3 million tonne (mt) of steel in the second quarter ended September 30, 2015. This was up by 11% from 2.1 mt it sold in the previous year for the corresponding period. Further, for the half year ended September 2015, it sold 4.4 mt of steel. This was 6% higher as compared to 4.2 mt sold for the corresponding period last year.

The company for the second quarter, has produced 2.4 mt of salable steel which stood 9% higher YoY (year-on-year). The same for the half-yearly period (April-September) stood at 4.6 mt, 4% higher compared to the corresponding period last year.

Rahul Shah, Managing editor of Microcap Millionaires, is of the view that this increase can be due to the recently imposed import duty on selected steel products. However, it is too soon to conclude anything as to what the future performance will be based on this sole development. While the Indian operations are performing well, the company has taken a hit from the ones situated in Europe.

Tata Steel Ltd is the world's 10th largest steel company and the world's 2nd most geographically diversified steel producer. The company is a diversified steel producer having major operations in India, Europe and South East Asia. Presently the stock of Tata Steel is trading up by 2.4%.

As per an article in Business Standard, private equity major Apax Partners has agreed to acquire 23.2% equity stake in RPG Group company Zensar Technologies. The same was acquired from Electra Partners Mauritius, an existing minority shareholder.

Shares of Zensar Technologies witnessed a surge after this announcement. After the developments, RPG will continue to be the promoter and the largest shareholder in the company with a 48% stake. Electra Partners Mauritius sold its stake through an off market sale for a total consideration of Rs 8.6 bn, based on closing price of Rs 841 on October 9, 2015. The scrip of the company is trading up by 4.3%.

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Nov 24, 2017 (Close)