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Indian stock markets continue in green
Tue, 30 Aug 01:30 pm

The Indian stock market continued to trade in the green over the last two hours of trade. Stocks from the realty, metal and banking space are trading in the green while those from the FMCG, capital goods and PSU space are trading weak.

The BSE-Sensex is trading up by 192 points while NSE-Nifty is trading 61 points above yesterday's closing. The BSE Midcap and BSE Small cap indices are up by 0.8% and 0.6% respectively. The rupee is trading at 46.00 to the US dollar.

Power stocks have been trading mixed with Torrent Power, CESC Ltd and Coal India leading the pack of gainers. However, Neyveli Lignite, NHPC Ltd and NTPC are trading weak. As per a leading financial daily, Coal India Ltd. is mulling investment of around Rs 420 bn in the next few years as its project stuck under environmental norms start getting approvals with a new environment minister at the centre. The investment will include foreign acquisitions, the clearances for which are expected in the next few months. As per initial estimates, the company will need Rs 70 bn to set up 40 odd washeries. It has also estimated RS 60 bn investment for foreign acquisitions and Rs 290 bn for new mining and expansion projects. Around 163 projects have received all clearances with a total production capacity of 440 million tonnes and these will come at an investment of Rs 289 bn and will attain full capacity in the next five years. The company expects that about 221 million tonnes of production will be achieved from some of these projects during 2011-12. If pending clearances are also granted, the company expects production capacity to increase to 625 million tonnes soon. This along with 190 million tonnes by expansion of existing projects may give it production capacity of about 800 million tonnes in the medium term.

Energy stocks have been trading mixed as well with Reliance Industries, Cairn India and Gujarat State Petronet leading the pack of gainers. However, ONGC, GAIL and Bharat Petroleum Corporation Limited (BPCL) are trading weak. As per a leading financial daily, Oil and Natural Gas Corp (ONGC) is expected to commission two petrochemical projects at Dahej in Gujarat. Out of the two projects, one will be developed by ONGC Petro-additions (OPAL) in 2012 and another by ONGC Mangalore Petrochemicals (OMCL) in 2013. The company recently announced that it may drill 8 wells in its gas discovery block in the KG Basin off the Andhra coast. The firm has made 10 discoveries in the in KG-DWN-98/2 block.

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