The Indian equity markets continued to trade in the negative territory, though in a range bound manner during the morning trading session. Majority of the sectoral indices are trading in the red barring the metals sector.
Barring ICICI Bank and ING Vyasa Bank, majority of the private banking stocks are trading in the red. Karnataka Bank and DCB Bank are trading the weakest. According to a leading financial daily, Yes Bank has raised Rs 10 bn by issuing green infrastructure bonds. Reportedly, the bonds are of 10-year tenor and the money raised will be used for funding renewable energy projects in solar, wind, biomass and small hydel plants. The bank, which had set out with a target to raise Rs 5 bn, saw demand from insurance companies, pension and provident funds, foreign portfolio investors and mutual funds, which resulted in the green shoe option being utilized. It is to be noted that this is the first green infrastructure bond issue in India.
Power stocks are trading on a mixed note today. KSK Energy and Neyveli Lignite are the leading losers while NTPC, Power Grid and PTC India Ltd are marginally trading up. According to a leading financial daily, the government has approved to set up 15,000 MW grid-connected solar power projects under National Solar Mission. The Cabinet gave its approval for implementation of the scheme of grid-connected solar photo voltaic power projects under the National Solar Mission. The project will be executed by NTPC Vidyut Vyapar Nigam (NVVN), a subsidiary of NTPC, in three tranches. This will help in reducing the consumption of kerosene and diesel, which is presently in use to meet the demand. Power will be allotted to various states that come forward to provide land for setting up the solar power projects. It will also be given to those government or private companies which would purchase a major portion of the bundled solar power for consumption within the state and ensure connectivity to the solar power project.