Profit booking in heavyweights from IT , infrastructure and banking sectors led the indices in Indian equity markets to shed gains during the final hours of trade. The indices in fact nosedived into the negative territory and were the top losers in the Asian region today. While the BSE-Sensex closed lower by 211 points (up 0.7%), the NSE-Nifty closed lower by 48 points. The BSE Mid Cap and the BSE Small Cap indices also closed lower by around 1.0% each.
As regards global markets, Asian indices closed mixed today while European indices have opened in the green. The rupee was trading at Rs 54.59 to the dollar at the time of writing.
Coal India (CIL) is confident of fulfilling its supply target of 377 m tonnes in 2013-14. The PSU coal mining behemoth is all set to allot coal to all power stations having PPAs (power purchase agreements) with discoms in 2013-14. The company supplied 344 mt to power utilities in the last fiscal (2012-13) against 312 mt in 2011-12, thereby registering a growth of 10.26%.
CIL is also focusing on restructuring the operations in some mines, like shutting down a few small ones and expansion a few existing projects. These have borne fruits and led to higher production during the past few months. However, the cumulative production and off-take of all eight subsidiaries of CIL failed to achieve the annual target for 2012-13. The coal output for the year was only 452.5 MT, down by 12 MT, while off-take was lower by 5 MT from the respective targets for FY13.
As per a business daily, Maruti Suzuki India is planning to set up a plant in South Africa to supply vehicles to nearby markets in the region. The company may use its cash reserves of over Rs 70 bn for its global expansion plans. The move comes after Africa became the largest export destination for Maruti's cars last year, replacing Europe which continues to grapple with an economic slowdown. Maruti registered a surge of over 10% in its car sales for the month of March at 1.2 lakh units as against 1.09 lakh units in February 2013.