After opening in red Indian Indices have continued to trade weak in the last two hours of trading session. Amongst sectoral indices Realty and capital goods are witnessing maximum selling pressure.
BSE-Sensex is trading down by 98 points while the NSE-Nifty is trading down by 38 points. The BSE Mid Cap index is trading down by 0.6% and BSE Small Cap index is trading down by 0.3%. The Rupee is trading at 63.3 to the US Dollar.
Hotels stocks are trading in red today. The Indian Hotels Company Ltd (IHCL) and Country Club are leading the losers. IHCL has declared its 2QFY14 results. Consolidated sales of the company increased 9.4% YoY to Rs 8.9bn for the quarter. The moderate sales growth was a result of a weak demand in the domestic business. Operating profit (EBITDA) was flat at Rs 383 m. The company's reported loss stood at Rs 3 bn largely on account of the write down in value of investment in Orient Express Hotels Ltd (OEHL). Higher interest expenses also aggravated the losses. The adjusted loss; however; was lower at Rs 600 m. IHCL is trading down by 3% today.
Information technology (IT) stocks are trading higher today. Tech Mahindra and TCS are among the stocks leading the gainers. India's second largest software firm Infosys has said that it would invest up to Rs 1 bn within one year to upgrade the Indian government's e-governance portal MCA21. The portal is operated by the Ministry of Corporate Affairs (MCA). Infosys expects to see a large increase in the number of corporate filings by corporates due to the new companies' bill which was passed by the Parliament in August this year. The bill contains several provisions which require higher disclosures by corporates. The portal allows corporates and investors to obtain large amounts of information and services provided by the ministry. Infosys which had won the MCA21 contract in November 2012, has already made several changes to the portal and upgraded its infrastructure. However the company said that a lot of work remains to be done since the objective of the project is to enable the process of filing and retrieving information, to become completely paperless in the future. Infosys is trading up 0.5% today.