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Indian share mkts plunge further
Tue, 27 Aug 11:30 am

After opening in red Indian share markets continued to trade weak in the last two hours of trade. All the sectoral indices are trading in the red except IT index.

BSE-Sensex is trading down by 314 points and NSE-Nifty is trading down by 103 points. BSE Mid Cap is trading down by 1.01% and BSE Small Cap index is trading down by 0.57%. The rupee has crossed 65 levels and is trading at 65.4 to the US dollar at the time of writing.

Most Banking stocks are trading in the red today. ICICI bank is down 1.6% and HDFC Bank is down 4.8%. M&M financial is up 2%. IDFC has informed the exchanges that it has reduced the limit of foreign investment in the company from 74% to 54%. This limit applies to all foreign institutional investors (FIIs), FDI, NRIs, OCBs and Foreign Nationals. The current foreign shareholding in IDFC is 53.71%. In light of this, the company has advised all custodian banks not make any further purchases through secondary markets on behalf of FIIs & NRIs. As IDFC has applied for a banking license, this was a technical clarification made by the Reserve Bank of India (RBI) to the company, not to increase the FII investment higher than 54%. IDFC is trading down 10% today. The Morgan Stanley Composite Index (MSCI) has removed the stock from its Standard and Large Cap indices.

Hotel stocks are trading mix today. The Indian Hotels and Hotel Leelaventure are the only gainers, while Oriental Hotels and EIH ltd are leading the losers. According to a leading business daily, Indian Hotels is in the process to open 19 new properties under 'The Gateway Hotels and Resorts' brand in four years as part of its expansion plans. Thus, the company will be adding another 2,000 rooms to its present strength and the total number of hotel will be 42 by 2017. The new hotels will be opened in Kolkata, Raipur, Pune, Hyderabad, NCR, Bangaluru and Gondia in Maharashtra. Despite the current slowdown, the management is optimistic about the hospitality sector of India. Therefore, the company is going ahead with its expansion plan. Indian Hotels is trading up by 1% today.

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