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Indian stock markets remain afloat
Mon, 30 Jun 01:30 pm

The Indian stock markets continued to trade higher during the previous two hours of trade led by continuous buying activity among the index heavy weights. All sectoral indices are trading firm, led by heavy buying from the power and capital goods sectors.

The BSE-Sensex is trading up by 281 points and the NSE-Nifty is trading up by 89 points. The BSE Mid Cap index is trading up 1.6% and the BSE Small Cap index is trading up 1.6% today. The rupee is trading at 60.09 to the US dollar.

Almost all power stocks are trading firm today led by Jaiprakash Power and JSW Energy. As per a leading business daily, NTPC has informed the coal ministry that it plans to commence coal production at its two captive mines at Chhattisgarh by June 2016. However, it's third mine in the state will become operational only by 2038. Earlier, due to issue of development within the stipulated time frame these three blocks were forfeited from the company, which were later returned. The delay was also due to lack of support from the state government. Now the company has informed to the ministry that it has completed all milestones like mining plan, its closure plan and environment and forest clearance. But for one of the mines the forest clearance and land acquisition is still under way. NTPC is trading up 1.4%.

Indian Pharma stocks are trading mixed. Elder Pharma and Ranbaxy are trading firm whereas Indoco Remedies is trading weak. As per a leading business daily, Dr Reddy's has filed its FY14 annual report with the US SEC (Securities and Exchange Commission). The company annual report provided key information with respect to its spending on expansion and building capacity. It will finance most of its expansion projects through operating cash flow or through the use of investment & cash. The company management expects most of its projects to get completed by FY16. This provides relief as its spending is going to ease after FY16. For instance, it has used Rs 14.5 bn and Rs 18.8 bn in its cash flow from investment during FY12 and FY13 respectively. The stock is trading higher by 1.5% today.

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