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Indian share markets remain firm
Thu, 27 Jun 11:30 am

Indian share markets have remained firm in the last two hours of trade with consumer durables as the only sector witnessing selling pressure.

The BSE Sensex is up by 177 points and the NSE-Nifty is up by 52 points. BSE Mid Cap index is up by 0.3% while the BSE Small Cap index is up by 0.6%. The rupee is trading at 60.47 to the US dollar.

Power sector stocks are trading on a mixed note with Jaiprakash Power and Torrent Power leading the gains while National Thermal Power Corporation (NTPC) and National Hydel Power Corporation (NHPC) are facing the maximum selling pressures. According to a leading financial news medium, NTPC has finally agreed to sign the fuel supply agreement (FSA) with Coal India (CIL) for 9,370 megawatt capacity plants. The two PSU companies managed to ink FSA after arriving at an understanding on coal quality. While NTPC agreed to accept inferior quality coal (less than 3,100 kilo calories per kg) subject to limiting its incentives under the agreement, Coal India, on its part, assured independent quality checks at the point of loading of coal, which would start by September 30. According to the FSA guidelines, if CIL supplies more than the minimum assured quantity of 80 per cent (65 per cent domestic and 15 per cent import) to its client, the miner is provided with incentives on the additional supply. However, as per the revised FSA, NTPC would incentivize only 25 per cent of the proportionate quantity.

All except three private banks' shares, ING Vyasa, Federal Bank and City Union Bank are trading in green. According to a leading financial daily, HDFC Bank is looking at aggressive rural penetration for growth in Punjab. The bank is targeting 84% branches in rural and semi- urban areas in Punjab by the third quarter of the current financial year, going beyond the RBI guideline mandating 25% branches in non-urban areas. In the last two years, all the 117 branches of the bank opened in Punjab have been in rural and semi-urban areas. Aggressive branch expansion has reduced the average distance between the bank branches to 7 km from 11 km in the same period. The bank has accelerated expansion after the Board of Directors approved a mandate to bring 10 million unbanked families (40 million individuals) into the banking fold in the country. HDFC Bank's share is trading up by 1.9%.

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