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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian equity markets trade flat 
(Thu, 18 Oct 11:30 am) 
 
Indian equity markets gave up early gains and continued to trade weak over the last two hours of trade. Realty and Power stocks witnessed maximum buying interest while Oil and Gas and FMGC stocks witnessed maximum selling pressure.

The Sensex today is down by 10 points, while the NSE-Nifty today is down by 2 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.47% and 0.31% respectively. The rupee is trading at 53.10 to the US dollar.

Power stocks are trading strong led by Jaiprakash Power and JSW Energy. According to a leading financial daily, Power Grid Corporation of India is planning to set up a joint venture (JV) with Odisha Power Transmission Corporation Limited (OPTCL) which plans to implement a host of transmission projects to cater to the state's power evacuation needs. OPTCL is also planning to set up a joint venture with Mahanadi Coalfields Limited (MCL). There will be two separate JV entities. While OPTCL will hold 50% stake in each of the JVs, the residual 50% equity will be held by either PGCIL or MCL. Transmission projects worth Rs 50 bn were to be implemented by OPTCL during the 12th Plan period (2012-17). Since OPTCL lacked financial resources to take up these projects, it was keen to partner central PSUs for taking these up.

Cement stocks are trading in the green led by Birla Corp and Ambuja Cement. According to a leading financial daily, ACC and Ambuja Cements might have to shell out 2% of sales as royalty to their Swiss parent company Holcim. ACC has already paid 0.5% of revenue in the name of training, technical know-how, market survey and management fees to Holcim. In 2006, Holcim got into a strategic tie-up with major Indian cement producer, Ambuja Cements, and followed it by gradually increasing its holding to a little over 46%. Both companies are cash-rich and are weighing expansion plans. It is unlikely they would need equity funding. For Holcim, the royalty route is an easy way to take out cash.

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Jun 28, 2017 03:37 PM

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