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Indian stock markets off day's lows
Wed, 28 Mar 11:30 am

Indian stock markets recouped initial losses but continued to trade in the red during the last two hours of trade. Consumer durables and realty stocks were the top losers, while capital goods and healthcare stocks led the list of gainers.

The BSE-Sensex is trading up by 30 points and NSE-Nifty is trading down by 15 points. BSE Mid Cap and BSE Small Cap indices are trading lower by 0.1% and 0.2% respectively. The rupee is trading at 50.88 to the US dollar.

Steel stocks are trading in the red led by Tayo Rolls and JSW Steel. According to a leading financial daily, Tata Steel is now more comfortable in raising finance post the refinancing of debt that it had taken to acquire Corus. It had recently refinanced the entire debt in Corus through a Rs 250 bn term loan and revolving credit facility. The steel company will be borrowing up to Rs 500 bn for its capacity expansion and purchase of mines. This is in line with the company's objective of consolidating its position as the world's seventh largest steel company. Its expansion plans include increasing its capacity at Jamshedpur plant to 10 m tonnes, building a new steel plant at Kalinganagar in Odisha and investing in raw material project overseas.

Energy stocks are trading in the green led by GAIL India and Indian Oil Corporation. According to a leading financial daily, Reliance Industries Limited has agreed to supply additional amount of natural gas to the state of Andhra Pradesh. The company will supply 2.5 mmscmd (million metric standard cubic metre per day) of natural gas through a swapping of re-gasified liquified natural gas (RLNG) deal to partly utilise the idle capacity of the private gas power stations for meeting the needs of industry. Under the arrangement, the state government will bear the cost of RLNG to be used by the existing consumers of Reliance on the western coast, and utilise the natural gas supplies meant for those consumers for power generation in the state. The government will incur a cost of Rs 9 per unit of power as against around Rs 2.3 per unit currently paid to the gas power projects, as the price of fuel will be equivalent to that of RLNG as per the swapping arrangement.

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