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Indian markets succumb to profit booking
Tue, 24 May Closing

The benchmark indices in the Indian stock market shed most of the early gains and ended the day closer to the dotted line as selling pressure in realty and commodity stocks took a toll. While BSE-Sensex gained in the region of around 19 points (up 0.1%), NSE-Nifty ended higher by around 8 points (up 0.2%). The BSE Midcap and BSE Small cap indices too ended on a flat note.

Most Asian indices closed the day flat to positive while Europe too is trading marginally above the breakeven currently. The rupee was trading at Rs 45.2 to the dollar at the time of writing.

Power generation companies have had a tough time combating rising fuel costs in FY11. Power projects of 80,000 MW generation capacities are under construction in the country, with targeted commissioning by 2017. However, the government has warned that coal linkages for plants with a combined capacity of 40,000 MW are yet to be obtained. In this regard, the Power Ministry has been interfacing with the Coal Ministry regarding the availability of coal.

Meanwhile, Coal India's production may be short of the targeted production of 460 m tonnes in the FY12 by around 1% as a lot of projects are stranded due to lack of environment clearances. In FY10, the company had witnessed a 7% slump in production vis-a-vis the targeted output. Insufficient supply of coal has affected state-run thermal power producer NTPC and has forced the PSU to explore other options like importing the fuel from Australia, South Africa and Indonesia to bridge the shortfall in domestic supply.

Tata Chemicals declared its fourth quarter and full year 2010-2011 results today. The company's consolidated sales are up by about 16% and the consolidated net profits are up by 8% YoY. This is despite a number of issues like the converter failure impact on Babrala, the floods in Babrala, a month's shutdown of the UK plant due to severe winter. The company is planning to raise US$ 375 m in FY12 mainly for capital expenditure for Tata Chemical in North America as also for funding Gabon.

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Feb 22, 2018 (Close)