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Metal stocks out of favour today
Wed, 5 Nov 01:30 pm

Indian share markets remained buoyant in the post-noon trading session. Majority of the sectoral indices are trading in the green with banking and pharma stocks being the biggest gainers whereas metal and power stocks are trading weak.

BSE-Sensex is up 23 points and NSE-Nifty is trading 9 points up. BSE Mid Cap is trading 0.4% up and BSE Small Cap index is trading up by 0.8%. The rupee is trading at 61.39 to the US dollar.

Engineering stocks are trading mixed with Praj Industries and Opto Circuits being the major gainers whereas Elecon Engineering and Jain Irrigation are the biggest losers. As per a leading financial daily, Larsen & Toubro's (L&T) construction arm has bagged orders worth Rs 15.8 bn for the month of October 2014. Out of this, the power transmission and distribution business has bagged orders valued at Rs 11.6 bn with the largest one from Madhyanchal Vidyut Nigam for improving and increasing the power supply networks of Lucknow and funded by Power Finance Corporation. The company has also received an order for erection, supply and commissioning of 33/ 11 KV power distribution networks from West Bengal State Electricity Distribution Company and funded by Rural Electrification Corporation. In the water and renewable energy business, L&T has won orders valued at Rs 3.04 bn. Apart from this, orders valued at Rs 1.08 bn were received in the heavy civil infrastructure business. L&T stock is trading up marginally.

The International Ratings Agency Moody's maintains the India's sovereign rating and claims that a ratings upgrade should take a while. However, the agency had mentioned about revisiting its estimates in the light of improvement in core macroeconomic parameters of the country. The agency is also confident that certain core measures announced by the central bank should boost the ratings profile of the nation. However, the concerns over the government meeting the fiscal deficit target of 4.1% this year and the higher general deficit remain. The company cited that it would closely monitor the next Budget, monetary and fiscal policy framework and banking sector reforms in order to review the institutional strength and the constraints on India's fiscal profile. Only then will it be in a position to take a call on India's sovereign rating upgrade.

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