Oil and gas stocks lead gainers
Indian stock markets continued to trade in green in the post noon trading session. Stocks from the oil and gas and auto sectors are in favour, while the stocks from information technology (IT) and consumer durable sectors are witnessing selling pressure.
BSE-Sensex is up by 141 points and NSE-Nifty is trading up by 32 point. While BSE Mid Cap is trading up by 0.63%, BSE Small Cap index is trading up by 0.29%. The rupee is trading at 54.22 to the US dollar.
Most of Private Banking stocks are trading in the green with Axis Bank and Indusind Bank leading the gains. As per a financial daily, Axis bank has appointed KPMG for forensic investigation into alleged money laundering case. KPMG is one of the large consulting firms and is appointed as external investigator by the bank. Reportedly, as the part of investigation 20 employees who have been suspected for the involvement of the issue were moved to administration department. On Tuesday, HDFC Bank, had suspended around 21 employees who were alleged for involvement in the cased. HDFC bank is evaluating the suspension and will take decision once the final report by the investigators is given. HDFC bank has too appointed Deloitte as the external investigator. Around a month back, cobrapost.com an investigative news website had done a sting operation. Three private banks viz. ICICI bank, HDFC bank and Axis bank were probed for an alleged involvement in the money laundering. Since then the said banks are working with various investigators to resolve the issue.
Majority of automobile stocks are trading in the green with Force Motors and Tata Motors being the major gainers. As per a leading financial daily, Maruti Suzuki India (MARUTI) is considering merging its seven wholly-owned subsidiaries with itself. The seven wholly-owned subsidiaries that are engaged in varied businesses are Maruti Insurance Business Agency, Maruti Insurance Agency Services, Maruti Insurance Distribution Services, Maruti Insurance Agency Logistics, Maruti Insurance Agency Solutions, Maruti Insurance Agency Network and Maruti Insurance Broker. The proposal for amalgamation is likely to be considered at the company's Board meeting to be held on 26th April 2013. This latest merger proposal has come at a time when there has been a change in the company's top management. The company's stock is currently up by 2.8%.
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