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IT stocks lead the gains
Fri, 14 Oct 11:30 am

Indian stock market indices are trading strong over the last two hours of trade. IT and consumer durables stocks witnessed maximum buying interest while Realty and Metal stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 86 points, while the NSE-Nifty is up by 20 points. BSE Mid Cap and BSE Small Cap indices are up by 0.26% and 0.33% respectively. The rupee is trading at 48.08 to the US dollar.

Cement stocks are trading strong. Chettinad Cement and Madras Cement are the biggest gainers while India Cements and J K Lakshmi Cements are the biggest losers. According to a leading financial daily, Kumar Mangalam Birla is planning to merge Ultratech Cement with the cement business of Century Textiles, a company owned by his grandfather B K Birla. Century Textiles has a cement capacity of 7.8 m tones. The negotiations for the merger have already started and the deal is likely to be completed within few months. If the deal goes through, it will mark the group's third consecutive cement deal in recent years after its overseas acquisition of ETA Cement and merger of Grasim's cement division with UltraTech last year. In addition to the cement business Century textiles has a paper and textile business. Its textile mill is also being relocated with a state of the art plant in Gujarat.

Power stocks are trading in the green. Torrent Power and Tata Power are the biggest gainers while Coal India and CESC Limited are the biggest losers. India's power situation has reached alarming levels. The country is on the brink of power blackout because of coal shortage. Power plants in the country are rapidly running out of coal and some have already stopped generation, plunging vast parts of the country into darkness and interrupting industrial output in many regions. Coal shortage is due to floods, strikes and Telangana agitation which have all crippled Coal India's mining operations. Even National Thermal Power Corporation (NTPC) the country's largest power producer is facing the heat. It is forced to shut down 5,000 megawatt (MW) of capacity because of coal shortage and technical issues. Worsening the shortage is planned maintenance of plants operating on other fuels and low water level in rivers that has hurt hydroelectricity production in some states.

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