Indian stock market indices are trading strong over the last two hours of trade on back of heavy buying activity witnessed across industry heavyweights. capital goods and IT stocks witnessed maximum buying interest while Realty and Banking stocks witnessed maximum selling pressure.
Mining stocks are trading high led by Manganse Ore India Limited (MOIL Limited) and Gujarat NRE Coke. According to a leading financial daily, the committee of secretaries set up by the prime minister has recommended that Coal India must step up coal supply to power companies or face penalty. Penalty will be provided if it fails to provide 80% of coal allocated to a power plant. The committee also suggested giving incentives to Coal India to provide 90% of coal it had agreed to supply to power producers. Coal India had earlier said that several of their mining projects were held up due to delays in environmental clearance for new mines.
Aluminium stocks are trading strong today led by National Aluminium Company Ltd. (NALCO) and Hindustan Aluminium Company (Hindalco). As per a leading daily, National Aluminium Company has raised aluminium prices by Rs 2000 per tonne. The state run company has taken this price increase across all product categories. This follows the increase in prices of almunium globally in the recent past. The basic price of aluminium ingots is currently Rs 140,700 per tonne. It may be noted here that Nalco had last raised aluminum prices by Rs 1500 per tonne on January 13, 2012.