Power stocks are trading in the green. Suzlon Energy and Lanco Infratech Ltd are the biggest gainers while Power Grid Corporation and Siemens Ltd are the biggest losers. World's largest coal miner Coal India is planning to reopen 18 abandoned mines and start new underground mines through partnerships with global and Indian firms. However, the response so far has been muted from other firms. But the company is not losing hope and is planning to float a revised tender document with less stringent conditions. The company had earlier tried to reopen abandoned mines in 2008 but work was suspended due to lack of technology. The company's subsidiary Bharat Coking Coal has been able to finalise bids for 4 underground mines and efforts are on to invite bids for more 6 to7 mines. Meanwhile, the company is also planning to acquire more mines in Mozambique through its existing subsidiary Coal India Africana Limitada.
Bank stocks are trading in the red. All banking stocks are trading in the red. IDBI bank is the only stock in the green. According to a leading financial daily, India's largest bank State bank of India (SBI) may lower the size of its rights issue. The bank had earlier planned Rs 200 bn rights issue but may lower to Rs 110 bn. This is because the finance ministry may not subscribe to the issue due to tight fiscal condition. The bank is expecting contribution from the government of anything in the range of Rs 50 to 90 bn but might only get Rs 30 to 40 bn. The government had made a provision of Rs 60 bn in the budget for this year for bank recapitalization. The government will take a call on how much can be allotted to SBI out of Rs 60 bn later this year.