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Indian stock markets trade strong
Tue, 27 Mar 11:30 am

Indian stock market indices are trading strong over the last two hours of trade on the back of heavy buying activity witnessed across industry heavyweights. Consumer Durable and Realty stocks witnessed maximum buying interest.

The BSE-Sensex is up by 135 points, while the NSE-Nifty is up by 47 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.30% and 0.16% respectively. The rupee is trading at 50.97 to the US dollar.

Auto stocks are trading in the green. Hero MotoCorp and Apollo Tyres are the biggest gainers while Maruti Suzuki and Ashok Leyland are the biggest losers. According to a leading financial daily, Tata Motors subsidiary Jaguar Land Rover (JLR) has raised Rs 40 bn through issue of bonds. The senior notes will mature in 2020 and has a coupon rate of 8.25% per annum. The notes will be guaranteed by Jaguar Cars, Land Rover, Jaguar Land Rover North America, Land Rover Exports and Jaguar Cars Exports. The company will use the proceeds from the sale of notes for general corporate purposes. The company is also planning to make Rs 120 bn investment in the next fiscal on new products and ramping up capacities.

Power stocks are trading weak led by Torrent Power and Tata Power. According to a leading financial daily, National Thermal Power Corporation (NTPC) has shown higher capacity availability or plant availability factor (PAF) during the first 2 months of the current quarter. The plant availability factor or PAF of a plant is the maximum time that it can produce electricity over a given period and is mainly linked to fuel availability. Higher the availability of fuel, higher will be the PAF. This data with Central Electricity Authority implies improved coal supply. The improvement is very crucial for the state run company particularly after earnings declined in the previous two months on coal supply issues. It may be noted here that thermal plants depend largely on the availability of coal. NTPC's PAF was 83% in second quarter and 85% in third quarter. The same has increased to 95% for the first two months of the fourth quarter.

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