Public sector banking stocks are in favor today. Indian Bank and SBI are the biggest gainers. However, Syndicate Bank and Punjab & Sind Bank are leading losers. According to a leading financial daily, Public Sector lender Punjab National Bank (PNB) announced that it would raise Rs 10 bn through long term bonds on private placement basis. The bonds would be raised at an annual coupon rate of 8.2% through five arrangers. The funds are raised to meet the equity capital of Basel 3 norms on capital adequacy.
Barring SESA Sterlite and NMDC Ltd, all the mining stocks are trading positively. MMTC Ltd and Coal India are the leading gainers. According to a leading financial daily, the government has received 69 requests from central and state public sector units for allocation of 36 coal blocks. The 36 coal blocks, which contain more than 10 bn tonnes of reserves, have been kept for state and central government companies that have steel and power plants. While 35 blocks are reserved for the power sector, one has been allotted for a state-run steel plant. The blocks can discharge plants generating at least 40,000 MW of electricity. Reportedly, NTPC, the country's largest power company has applied for 8 coal blocks.