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All sectoral indices in green
Wed, 13 Apr 01:30 pm

The benchmark indices in the Indian stock market have extended their gains in the last two hours of the trade. All sectoral indices are trading in the green. Stocks from the auto and capital goods space are the largest gainers, while those from the metals and healthcare space gained the least.

The BSE-Sensex is up by 265 points while NSE-Nifty is trading 76 points above the dotted line. BSE Midcap and BSE Small cap indices are up by 1.0% and 1.1% respectively. The rupee is trading at 44.44 to the US dollar.

Steel stocks are trading mixed. Tayo Rolls, Bhushan Steel and Tata Sponge are leading the pack of gainers. The stocks of Hindustan Zinc and Maharashtra Seamless are trading in the red. As per a reputed website, Sesa Goa has disclosed its unaudited production plans for 4QFY11 and full year FY11. The company has produced 5.5 m tonnes of iron ore in the last quarter of FY11, down 21% YoY. The company has cited state wide export ban in Karnataka (since end July 2010) and termination of the third party mining agreement in Orissa (in November 2010) as the main reasons for decline in production. However, at 6.7 m tonnes, the company witnessed a marginal increase in sales volume of iron versus last year. For FY11, the production came at 18.8 m tonnes, marginally lower than the last year. Sales volumes for full year came at 18.1 m tonnes versus 18.4 m tonnes last year. The company reported that its iron ore capacity expansion program is expected to complete by end of FY 2012-13.

In another development, the Supreme Court has issued a ruling that Karnataka ban should be lifted from 20th April 2011. The final hearing on the same is expected in first week of May 2011. The stock of Sesa Goa is trading in the green.

Engineering stocks are trading mixed with Bharat Bijlee and Siemens leading the gains. However, Jyoti Structures and Engineers India are trading weak. As per a leading financial daily, Alstom stated that its intention to go for local partners for refurbishment or new loco projects. There are chances that the local partner could be BHEL, though Alstom has not confirmed this yet. It has already signed an agreement with BHEL and the Nuclear Power Corporation of India (NPCIL) for setting up nuclear power projects in India. If this locomotive joint venture goes through, it will be second JV between the two. Alstom also wants to set up a wind power equipment manufacturing facility in India. However, it did not disclose the companies it was in talks with for the wind power manufacturing unit. The stock of BHEL is trading in the green.

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Feb 23, 2018 (Close)