Majority of the energy stocks are trading on a negative note with GAIL and BPCL trading the weakest. However, CAIRN India and Oil India Ltd are the witnessing buying pressure. According to a leading financial daily, Petronet LNG, India's largest importer of liquefied natural gas is planning to construct a floating terminal to meet the early demands of power producers and LNG users. The floating facility would be set up near Gangavaram Port in Andhra Pradesh. According to Petronet's vice-president, the company would need at least 2 million metric tons per annum of gas to make a decision on building the facility. Reportedly, Hindustan Petroleum Corporation was looking to pick up 8-12% in the LNG venture and has agreed to draw a significant portion of gas for its refinery at Vishakhapatnam.
Steel stocks are trading on a mixed note today. Bhushan Steel and Tata Sponge are the leading gainers while Jindal Steel and Tata Steel are the leading losers. According to a leading financial daily, the government is willing to consider and allow SAIL to sell excess iron ore in the open market to make it available for small steel producers. This would help the small steelmaking units which are affected from the lack of iron core supplies in the country. Reportedly, SAIL mines would be able to produce 50 mtpa from a current level of 28 mtpa. Also, SAIL is seemingly planning on investing Rs 100 bn in the expansion of mines.