Indian equity markets continued to trade weak over the last two hours of trade on back of heavy selling activity witnessed across industry heavyweights. Consumer durables stocks witnessed maximum buying interest while capital goods, IT and metal stocks witnessed maximum selling pressure.
Energy stocks are trading in the red led by Petronet LNG and Oil India Limited. According to a leading financial daily, Gas Authority Of India Ltd. (GAIL) is planning to offer upto 30% stake in its 1,550-km natural gas pipeline from Surat in Gujarat to Paradip in Odisha to Indian Oil Corporation (IOC). Earlier this year, GAIL had secured rights to lay the pipeline to connect the west and east coasts. The pipeline would have a capacity to transport up to 60 million standard cubic metres of gas per day. GAIL will have 36 months to lay the pipeline and commission it. The pipeline would cost GAIL Rs 90 bn. If IOC accepts GAIL's offer, it would contribute for its share. GAIL was investing US$ 6 bn in creating natural gas infrastructure.
Real estate stocks are trading weak led by HDIL and Indiabulls Real Estate. According to a leading financial daily, DLF is planning to offload Aman Hotel, identified among the group's non-core assets, in the next few weeks. The deal is expected to be completed by January 2013. In July, the company's investors had approved selling DLF's wind energy business. The company has all regulatory approvals required to sell their wind assets. It should be carried out in two to three months. The company is confident of cutting its debt to Rs 185 bn by the end of this financial year and to Rs 150 bn by 2014-15.