Indian Indices continued to trade well above the dotted line as buying activity continued during the previous two hours of trade. All the sectoral indices are trading in the green. Oil & Gas and realty sector stocks are leading the pack of gainers.
Barring NMDC Ltd, mining stocks are trading on a positive note. Hindustan Zinc and Gujarat NRE Coke are trading the strongest. According to a leading financial daily, the board of Coal India (CIL) has directed the company to withdraw from International Coal Ventures (ICVL) formed to buy coal assets abroad. The directive follows CIL's decision to focus on domestic production and to ramp up output from the existing mines in the country. ICVL, a consortium of companies, including Steel Authority of India (SAIL), RINL and NMDC, was created in 2009 to secure metallurgical coal and thermal coal assets abroad. The domestic power sector is CIL's single-largest consumer accounting for 77-78% of its annual supplies. Thus, CIL is keen on getting thermal coal mines, in contrast to ICVL, which has been interested in acquiring coking coal assets. Moreover, CIL also has an international subsidiary, Coal Videsh, to cater to its plans to acquire coal properties abroad.
Majority of the retailing stocks are trading in the green. Future Retail and Trent Ltd are the leading gainers while Provogue Ltd and Zodiac Clothing Co. are the leading losers. According to a leading financial daily, private equity firm Creador has invested Rs 1.35 bn for a minority stake in PC Jeweller Ltd. Idria, an affiliate of Creador has reportedly bought 4.4 m shares of PC Jewellers through bulk deal at a price of Rs 244.36, aggregating to Rs 1.09 bn. Idria Ltd has seemingly bought additional shares as of today as well. Creador will have about 3% stake in Delhi-based jeweler. Creador is a private equity firm focused on long-term investments in growth-oriented businesses in Indonesia, India, Malaysia and Singapore.