Mining stocks are trading in the red led by Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Gujarat NRE Coke. According to a leading financial daily, Coal India in its upcoming board meeting on July 31, may finalise a contract worth Rs 1.7 bn for procuring explosives for mining needs of its subsidiaries. It may also resolve the fuel supply pact row with power firms. Earlier the company's board meetings were postponed twice. Explosives are consumed in large quantities by subsidiaries of the mining giant for extracting coal from the mines. It is used in opencast mines as well as underground mines for conducting blasts for coal production. The company has also received indications of soon receiving a written communication from the Prime Minister's Office (PMO) with regard to signing of fuel pacts with power firms.
Auto stocks are trading weak led by Tata Motors and Mahindra & Mahindra. According to a leading financial daily, Hero MotoCorp launched its sporty motorcycle Ignitor. The motorcycle has been launched at 15 dealerships across Karnataka. It will be available in two variants-the base variant and the top variant. The base variant has front drum brake while the top variant has front disc brake. Ignitor which is powered with a 125 cc Ecno-Power low friction technology engine will be available in 4 vibrant colors- Panther Black, Sports Red, Pearl White, & Vibrant Blue. It is expected to be fuel efficient along with having a good power and pick-up. The motorbike is priced at Rs 56,747 (base variant ex-showroom Bangalore).