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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Banking stocks lead the downfall 
(Fri, 24 Feb 11:30 am) 
 
Indian stock market indices are trading weak over the last two hours of trade. banking and capital goods stocks witnessed maximum selling pressure while consumer durables and IT stocks witnessed maximum buying interest.

The BSE-Sensex is down by 98 points, while the NSE-Nifty is down by 35 points. BSE Mid cap index and the BSE Small cap index are down by 0.46% and 0.31% respectively. The rupee is trading at 49.05 to the US dollar.

Steel stocks are trading strong led by Bhushan Steel and Maharashtra Seamless. According to a leading financial daily, Tata Steel is planning to seek permission from its shareholders to increase its borrowing limit by 25% to Rs 500 bn to part-finance several ongoing expansion activities. Currently, the company has Rs 400 bn sanctioned by the shareholders but that would not be adequate. The company is rolling out several expansion plans, including a new 6 million tonne per annum (MTPA) steel plant at Kalinganagar in Odisha. The company's Jamshedpur facility will also be adding 2.9 mtpa new capacity by March, taking the total production capacity of Tata Steel to 10 mtpa. For the next fiscal, the company has kept a capex of USD $2.5 bn out of which USD $800 m will be spent on the Kalinganagar plant. The company will spend USD $600 m on its European operations and about USD $400-500 m on its Jamshedpur plant.

Energy stocks are trading weak led by Reliance Industries Limited (RIL) and Hindustan Petroleum Corporation Ltd (HPCL). According to a leading financial daily, Reliance industries is planning to raise USD $500 m by selling bonds to foreign investors. The company has already launched the 10-year dollar bond issue on Thursday and has appointed Citigroup, HSBC and Barclays Capital as the merchant bankers to the offering. The issue comes close on the heels of a similar bond offering by Reliance early this month, when the company raised USD $1 bn.

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