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Markets bounce back
Wed, 23 Mar 11:30 am

Indian stock market indices are currently trading in the green on the back of buying in heavy weights during the last two hours of trade. All the sectors are trading in the green led by banking and consumer goods.

The BSE-Sensex is up by 160 points while NSE-Nifty is trading 43 points above yesterday's closing. BSE Midcap and BSE Small cap indices are up by 0.6% and 0.7% respectively. The rupee is trading at 44.94 to the US dollar.

Power stocks are trading firm led by Reliance Power and CESC. As per a leading financial daily Tata Power is considering entering into the wind-energy business in the US, Spain, Portugal and Germany. The existing domestic wind power capacity of the company is 225 megawatt in Maharashtra, Karnataka and Gujarat. Total generation capacity from thermal, hydro, solar, geothermal and wind stands at 3,000 megawatt. Tata Power generates 20% of its power from clean fuels. It intends to ramp up production capacity to 25,000 megawatt by 2017.

It may be noted that the company had earlier tried to get into the US and Europe wind power space but found it to be an expensive proposition. As per the management, the returns in India on wind power will be in the range of 15-16% and outside India it will be 8-10% in dollar terms.

Steel stocks are trading firm led by Sesa Goa and JSW Steel. As per a leading financial daily, Tata Steel is in talks to buy coal mines in Canada. Talks are on between Tata Steel and the government of British Columbia which is a province in Western Canada. This is being done with an aim of raw material integration for its European businesses. With prices of coking coal rising, the company is under pressure to look out for more mines. These projects are expected to come up by 2012-2013. It may be noted that British Columbia is the western most of Canada's provinces and it has rich supply of coking coal. This initiative will help Tata Steel in transporting coking coal to its steel plants in the UK.

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