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Euro optimism leads to firm closing
Wed, 19 Oct Closing

Indices in the Indian stock market continued with their northbound journey during the final hours and as a consequence, closed the day on a very strong note. While BSE-Sensex edged higher by around 340 points (up 2%), gains on the NSE-Nifty came in at around 100 points. BSE Mid Cap and BSE Small Cap indices also gained but lagged their bigger counterparts in terms of magnitude of the same. They closed higher by 1.3% and 0.7% respectively. There wasn't a single Sensex stock that closed the day in the negative.

While most Asian indices closed the day in the positive, most of Europe is also trading in the green currently. The rupee was trading at Rs 49.1 to the dollar at the time of writing.

While yesterday was the day when markets tumbled mainly on account of growing concerns over Europe, today's gains also had Europe written all over it. As per reports, major eurozone economies like France and Germany have agreed in principle to quadruple the size of the (European Stability Fund), an emergency fund brought into existence to bailout the troubled nations and financial institutions in the region. Thus, investors are expecting that on account of this measure, the much needed breathing space would be given to indebted countries to allow them to get back on their feet again. However, whether the enlarged size suffices remains to be seen. If it doesn't then perhaps it will be back to square one for most asset markets across the world.

Tata Motors, India's largest auto manufacturer in value terms is considering the idea of extending its reach to areas as far off as Latin America and Africa. It intends to use its assembly plant in South Africa as a means to establish a permanent presence in the promising market of Africa. It hopes to go in for a full fledged manufacturing plant at a later stage. Similar steps are being considered for the South East Asian as well as Latin American markets. This is yet another example of the aggressive intent of Indian manufacturing companies whereby they are trying to reduce the dependence on Indian markets as well as tap the potential present in fast growing African and Latin American markets. The stock of the company closed strong on the bourses today.

Hindustan Zinc declared results for the quarter ended September 2011. The company reported a 19.77% YoY growth in sales and 41.74% YoY growth in net profits. The growth in sales was higher due to 121% increase in sales of silver. The company also declared its highest ever interim dividend of 75% (Rs 1.5 per equity share). Operating profits grew by 30.18% YoY. Both operating and net profit margin increased marginally and stood at 55.6% and 51% respectively. Refined Zinc-lead metal production increased by 5% while silver production increased by 12%. The company has also commissioned the 100 kilo tone per annum (ktpa) lead smelter at Dariba. The stock edged higher by 2% today.

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