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Realty stocks lead the rally
Tue, 1 Jan 11:30 am

Indian equity markets continued to trade in the positive during the previous two hours of trade after opening firm earlier today. Sectoral indices traded firm led by realty and metal stocks.

The BSE-Sensex is trading higher by 136 points and NSE- Nifty is trading up by 42 points. BSE Mid Cap and BSE Small Cap indices are trading higher by 1% and 0.9% respectively. The rupee is trading at 54.99 to the US dollar.

Power stocks are trading strong led by PTC India Limited and Reliance Infra. According to a leading daily, Tata Power is looking at setting up a 12,500 megawatt generation capacity abroad. It is looking at setting up plants in countries such as Indonesia to meet its growth target. We may note here that the Indian power company is facing problems domestically in the form of limited fuel supply and delay in approvals. India presently has 206,000 megawatt generation capacity and needs to increase it to 350,000 megawatt by 2020. In its 90 year history, Tata Power has overall set up just 6899 megawatt capacity.

Mining stocks are trading strong led by Gujarat NRE Coke and Natinal Mineral Development Corporation Limited (NMDC). According to a leading financial daily, government of India has invited proposals for 17 coal blocks with about 8.5 bn tonnes of reserves. Of these, 14 blocks have been earmarked for power companies and three for mining organizations. The applications will be have to be submitted by January 30, 2013. However, the allocation will be conducted after 4 years as per the newly introduced competitive bidding method. These blocks include Deocha-Pachami with 2.0 bn tonne reserves and Tentuloi with 1.2 bn tonne reserves. A specific set or criteria will apply to the state run enterprises which will be rated on a scale of 30 points.

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Feb 23, 2018 (Close)