Indian stock markets continued to trade in the green due to continued buying interests in heavyweights over the last two hours of trade. Stocks from the
oil & gas,
Software space are leading the pack of gainers, while stocks from the realty, healthcare and metal sectors are trading weak.
The BSE-Sensex is trading up by 103 points while NSE-Nifty is trading up by 24 points above yesterday's closing. However, BSE Midcap and BSE Small cap indices are down by 0.5% and 0.6% respectively. The rupee is trading at 44.91 to the US dollar.
Steel stocks are trading mixed with SAIL, Jindal Saw Ltd and MMTC Ltd leading the pack of gainers. However, Adhunik Metaliks and Tata Sponge are trading weak. As per a leading financial daily, Tata Steel has accepted US $ 130 m as a final settlement from a consortium of global steel buyers for its UK plant loss. These buyers were were Marcegaglia of Italy, Dongkuk of South Korea, the Swiss-headquartered Duferco and Alvory of Uruguay. The consortium had prematurely terminated a 10-year purchase contract in May 2009. Tata had earlier claimed a loss of US $ 220 m due to this termination which pushed its Teesside Cast Products (TCP) unit in northeast England into losses.
On 5th January, Tata Steel UK had got a partial final award in its favour. After that a commercial settlement to all disputes relating to the offtake agreements was reached. Tata Steel UK has already sold TCP for US $ 469 m to Sahaviriya Steel Industries, a Thai company. The stock of the company is trading in the green.
Aluminium stocks are trading weak with Infosys, Nalco and Hindalco leading the pack of losers. As per a leading financial daily, National Aluminum Company Limited (NALCO) has issued a tender to export 1,500 tonnes of aluminium billets. The submission of bids will end on 4th July, 2011.
The metal will be shipped in 6 batched of 250 tonnes each from August, 2011 to January, 2012. This state-run metal producer had floated a tender to export 6,000 tonnes earlier this week.