Most of the steel stocks are trading in the green led by Maharashtra Seamless and Jindal Saw whereas Bhushan Steel and Gujarat Mineral Development Corporation are trading in the red. As per a leading financial daily, Steel Authority of India (SAIL) has earmarked a capital expenditure of Rs 90 bn in FY15. The company wants to expand its crude steel production capacity from 12.8 million tonnes per annum (mtpa) to 21.4 mtpa at a cost of Rs 720 bn. The expansion plan will be funded through a mix of debt and equity. SAIL's debt-to-equity ratio stood at 0.59 for FY14. To part-finance its capex plans for FY15, the company plans to raise funds to the tune of Rs 50 bn through private placement of secured non-convertible bonds/debentures. SAIL stock is currently trading down 0.6%.
Majority of the food & tobacco stocks are trading in the green with Glaxo SmithKline Consumer Healthcare (GSKCH) and Tata Global Beverages being among major gainers. As per a leading financial daily, GSKCH has re-launched its health drink Horlicks in an instant form with a new packaging. The company claims the new HFD to be better miscible in hot and cold milk. GSKCH has been battling sluggish sales of HFDs. For the quarter ended June 2014, the company clocked a 10% domestic sales growth led by 7% higher realizations even as volume growth was muted at 3%. The company had made several innovative re-launches such as Mother's Horlicks, Horlicks Lite and Chocolate Horlicks in June 2014 quarter. GSKCH stock is currently trading up 1%.