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Banking stocks lead the downfall
Mon, 19 Dec 11:30 am

Indian stock marketsindices are trading weak over the last two hours of trade. Banking and Realty stocks witnessed maximum selling pressure while FMCG stocks witnessed maximum buying interest.

The BSE-Sensex is down by 241 points, while the NSE-Nifty is down 77 points. BSE Mid Cap index and the BSE Small Cap index are down by 2.03% and 2.25% respectively. The rupee is trading at 53.10 to the US dollar.

Aluminium stocks are trading in the red led by NALCO and Hindustan Aluminium Company (Hindalco). According to a leading financial daily, National Aluminium Company Ltd. (NALCO) is in the process of acquiring 25% stake in MEC Coal by March 2012 for an undisclosed amount. MEC Coal will supply 8 million tonnes of coal per annum (mtpa) of which 4.5 m tonnes will be used in Indonesia while the remaining would be used in India. The company will supply coal to NALCO's Rs 180 bn east Indonesia based-Kalimantan aluminium cum power project. Earlier two companies (MEC Coal and Bumi Muara Prasada) were bidding for the contract to supply coal from which MEC Coal has been shortlisted.

Food stocks are trading in weak led by Tata Coffee and GSK Consumer. According to a leading financial daily, Biscuit to dairy products manufacturer Britannia which is run by Wadia family is planning to unlock a mega real estate play in the heart of Bangalore. The company has identified number of consultants to look at the prospects of re-developing this land parcel, which is valued at around Rs 4.5 bn. The consultants have been asked to look in to what would be a viable development model, either to enter in to a joint development with local developers or would the company be better of getting on board Bombay Realty, which is the real estate arm of the Wadia group. The company was earlier looking to sell this parcel of land and relocate its headquarters to Mumbai, but now even with the possible re-development Britannia's headquarters would remain in Bangalore.

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