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Markets Remain Range Bound
Tue, 8 Mar 01:30 pm

Indian indices continue to trade near the dotted line in the post noon trading session. Sectoral indices are trading mixed with stocks from the metal and oil & gas sectors leading the gainers. However, software and banking stocks are witnessing maximum selling pressure.

The BSE Sensex is trading higher by 12 points and the Nifty is trading higher by 3 points (down 1.3%). The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.1% and 0.6% respectively. The rupee is trading at 67.27 to the US$.

Shares of National Aluminum Company Ltd (Nalco) is trading up by 4% after it was reported that the company will invest around Rs 9 billion in Kakrapar Atomic Power project. At the initial stage the company will acquire 26% stake in the plant and plans to increase it to 49% later. The company's board has approved acquisition of 26% stake in Kakrapar Atomic Power Project through its joint venture (JV) with Nuclear Power Corporation of India (NPCIL) - NPCIL-Nalco Power Company.

Meanwhile, in another development, Nalco's plan to buy back up to Rs. 32.5 billion of government shares is likely to get delayed to the next fiscal because of procedural delays. The government will miss its divestment target in the 2015/16, for the sixth year in a row, as weak commodity prices dented demand for shares of Nalco and other state-controlled companies such as Coal India.

It is to be noted that Nalco has the largest integrated alumina-aluminum complex of Asia. Its integrated operations cover the entire aluminum production value chain from mining bauxite, refining alumina, smelting aluminum, captive power generation to a strong logistic network in terms of rail & port facilities and coal mining.

According to a leading financial daily, Apollo Tyres is planning to invest up to US$600 million in next fiscal in a bid to enhance capacity at its plants in India and abroad. The company will start rolling out tyres from its upcoming plant in Hungary by January 2017.

Moreover, the company is doubling the capacity of its Chennai plant to 12,000 truck and bus radials (TBR) a day from 6,000 TBR. Initially, the company will sell its Apollo Acti series of tyres for motorcycles and scooters in the aftermarket. Apollo Tyres is one of the leading tyre manufacturers in India with its product portfolio spread across tubeless and tube type tyres for cars, suvs, trucks, buses etc. Buying activity is witnessed across majority of the auto ancillary stocks with Amara Raja Batteries and NRB Bearings leading the gains.

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Jul 26, 2017 (Close)

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