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Metal stocks lead the rally
Thu, 7 Jun 11:30 am

Indian equity markets extended their initial gains and were trading in the green during the last two trading hours. All sectoral indices, except consumer durables stocks, were trading firm.

The BSE-Sensex is trading higher by 150 points and NSE-Nifty is trading up by 31 points. BSE Mid cap and BSE Small cap indices are trading firm by 0.5% each. The rupee is trading at 55.16 to the US dollar.

Steel stocks are trading strong. Jindal Steel and Tata Steel are the biggest gainers while Bhushan Steel and Jindal Saw are the biggest losers. According to a leading financial daily, Tata Steel will receive coal at less than market prices from the Benga coal project in Mozambique. Tata Steel owns a 35% stake in the Benga project, with the rest being held by Australian mining giant Rio Tinto. According to an offtake agreement Tata Steel has signed with its partner, the Indian steel maker can use 40% of the total coal production in Benga. The coal from Benga will feed Tata Steel Europe's operations. The company plans to ship 0.85 million tonnes (MT) of coking coal and 0.2 MT of thermal coal in the current financial year. Some coal will also come to Tata Steel's Jamshedpur plants.

Auto stocks are trading strong led by Hero Motocorp and Tube Investments. According to a leading financial daily, Tata Motors' Dharwad plant is now operational. The plant will be producing commercial vehicles including Tata Ace Zip and Tata Magic IRIS. The new plant has state-of-the-art equipment based on lean manufacturing process. It is spread across 405 acres and an amount of Rs 9 bn has been invested in this. The production capacity presently is 90,000 units per year. We may note here that Tata Motors has arranged for capital outlay for this plant from Europe, the US, South Korea, Japan as well as best of the suppliers in India too.

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