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Realty & metal, major losers
Mon, 28 Jul 01:30 pm

Indian share markets continued to slip deeper in the red in the post-noon trading session. Barring consumer durable, all the sectoral indices are trading in the red with realty and metal stocks being the biggest losers.

BSE-Sensex is down 189 points and NSE-Nifty is trading 58 points down. BSE Mid Cap is trading 0.4% down and BSE Small Cap index is trading down by 0.7%. The rupee is trading at 60.07 to the US dollar.

Majority of the energy stocks are trading in the red with Reliance Industries and Bharat Petroleum Corporation Ltd (BPCL) being among major losers. Cairn India and Essar Oil are among the few stocks trading in the green. As per a leading financial daily, Cairn India has asked Oil and Natural Gas Corporation (ONGC) to extend the permit of Rajasthan oil block for at least 10 years beyond 2020. ONGC presently has a 30% stake in the oil block. ONGC has informed the Oil Ministry that the Production Sharing Contract can be extended beyond 2020 if all parties to the contract agree on mutually acceptable terms. ONGC produces 1.81 lakh barrels of oil per day but pays royalty to the government on the entire 100% stake including Cairn's 70% stake. Although the royalty is later recovered from Cairn, ONGC's cash flows get strained. Therefore royalty issues need to be addressed by ONGC at the time of extension. Cairn India stock is trading up 1.9%.

Most of the public bank stocks are trading firm led by Central bank and United Bank of India. Corporation Bank and Allahabad Bank are among the few stocks trading in the red. As per a leading business daily, State Bank of India (SBI) is contemplating to sell equity stake in its insurance and asset management units to finance tighter capital requirements. The bank needs to raise more than Rs 800 bn of additional equity capital by 2019 to fulfill Basel III regulatory norms. The bank had raised Rs 100 bn in January through share sale to government and institutional investors. SBI stock is trading down marginally.

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