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Auto stocks drive markets up
Tue, 15 Nov 11:30 am

Indian stock market indices have been trading firm after opening the trade on a weak note. Auto and capital goods stocks are driving the gains while realty and power stocks are on the losing end.

The BSE-Sensex is trading up by 30 points and NSE-Nifty is trading down by 8 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 0.9% and 1% respectively. The rupee is trading at 50.59 to the US dollar.

Automobile stocks are trading firm led by Tata Motors and Bajaj Auto. According to a leading financial daily, Mahindra & Mahindra (M&M) is planning to buy 27% stake in Swaraj Automotives. The company would be making an open offer to Swaraj shareholders. This will be to acquire 6,47,382 shares of Rs 10 each at an offer price of Rs 90 per share. The open offer is expected to be worth Rs 5.82 bn. Swaraj Automotives is a Punjab based company that manufactures automobile seats and recliners for tractors and other commercial vehicles and cars. It is listed on the Delhi stock exchange.

Engineering stocks are trading firm. Alfa Laval and Havells Ind are the biggest gainers. According to a leading financial daily, Bharat Heavy Electronics limited (BHEL) is thinking of setting up a power equipment fabrication plant in Maharashtra. The new plant to be located in Bhandara districts has received the in-principle approval from the board. Meanwhile, the PSU engineering company declared results for the quarter ended September 300, 2011. Net sales and net profits grew by 24% YoY each. The order book was worth Rs 161 bn at the end of September. It may be noted that the company has recently bagged contracts worth Rs 40 bn from Singareni Collieries Company for setting up 1200 megawatt power plant in Andhra Pradesh.

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Feb 23, 2018 (Close)