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Markets will remain closed on May 01, 2024 on account of Maharashtra Day.

Steel stocks lead Indian stock markets
Fri, 17 Jun 09:30 am

Asian stock markets have opened the day on a mixed note. Stock markets in China (up 0.3%), Malaysia (up 0.4%) and Taiwan (up 0.2%) are trading firm. However, the markets in Indonesia (down 0.5%) and South Korea (down 0.4%) are trading in the red. The Indian stock markets have opened the day on a firm note. Stocks in the metal, realty and auto space are leading the gains. However, IT and oil & gas stocks are facing selling pressure.

The BSE-Sensex is trading higher by around 34 points (0.2%), while the NSE-Nifty is up by about 11 points (0.2%). The midcap and smallcap stocks are trading in the positive with both the BSE Midcap and BSE Small cap indices up by 0.1% and 0.4% respectively. The rupee is trading at 44.84 to the US dollar.

Steel stocks have opened the day on a strong note with Tata Steel, SAIL and JSW Steel leading the pack of gainers. Steel major Tata Steel has decided to sell its entire 26.27% stake in Riversdale Mining to Anglo-Australian mining group Rio Tinto for 1.06 bn Australian dollars (equivalent to US$ 1.12 bn or Rs 50 bn). The divestment plan has come on the back of Rio Tinto's plan to delist Riversdale Mining. Rio Tinto took control of the company in April 2011 and so far holds 73.2% stake in the company. The valuation at which Tata Steel plans to sell its stake is twice its initial investment in the company, meaning about 100% appreciation in less than four years. The investment is held by Tata Steel Global Minerals Holding Pte which wholly owned subsidiary of Tata Steel based in Singapore.

Power stocks have opened the day on a mixed note with NTPC and Torrent Power trading in the red. However, Suzlon Energy, Tata Power and Reliance Power are trading firm. Wind turbine maker, Suzlon Energy, has received an order from National Aluminium Company Ltd (Nalco). The size of the order is of 50.4 MW of wind energy project where Suzlon will have to set up, operate and maintain the project. It includes 24 units of 2.1 MW wind turbines. This will be set up in Gandikota region of Kadapa district, Andhra Pradesh. It will also be a first wind energy venture by Nalco. The project is expected to get completed by January 2012. Nalco will benefit from the power generated by selling it to the State electricity grid. The stock of Suzlon is trading in the green.

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