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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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Stock Market Updates

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BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

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May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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