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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Markets tread in a narrow zone 
(Thu, 11 Nov 11:30 am) 
 
After starting today's session on a positive note, Indian indices have lost initial ground. However, other key Asian markets are trading in the positive territory. Currently, heavyweights in the Sensex are trading mixed with stocks from the consumer durables and metals space leading the gains. However, stocks from the IT and oil & gas space are trading in the red.

Currently, the BSE-Sensex is trading down by around 12 points, while the NSE-Nifty is up by about 2 points. However, there has been strong buying interest amongst the mid and small cap stocks with the BSE-Midcap and BSE-Smallcap indices trading higher by 0.5% and 1.0% respectively. The rupee is trading at 44.27 to the US dollar.

NBFC stocks are trading flat with Cholamandalam Investment and Sundaram Finance leading the gains. As per news reports, PFC is likely to come out with an FPO either in the last quarter of this fiscal or first quarter next fiscal. It has already sought an approval from the board and its shareholders. PFC plans to raise 20% of the existing capital through this FPO. Apart from this the company is also examining a banking foray and is exploring the possibility of obtaining a licence. It is in talks with other power companies like NTPC, REC and PGCIL for a possible JV for its banking venture. Also, the company plans to issue infrastructure bonds either in January or February 2011. The size is likely to be between Rs 1.2-1.5 bn.

Kanoria Chemicals released its 2QFY11 results recently. The company's topline remained flat during the quarter. The reason behind this is that caustic soda, which is the company's principal product, continues to suffer from low realizations. As a consequence, the segment of chloro chemicals saw a 7% YoY fall in sales. However, sales of Alco Chemicals, another division of the company grew by a robust 23% YoY. This helped the company maintain its topline at the same level as in 2QFY10. Operating margins of the company fell by 3.2% to stand at 18.2% of sales. This is due to higher raw material costs during the quarter. However, as a result of extraordinary income on account of forex gains, the company's bottomline grew by 32% YoY during the quarter.

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