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Indian markets inch upwards
Fri, 18 Sep 01:30 pm

After opening the day on a firm note, the Indian Indices added to their early gains in the post noon trading session. Sectoral indices are trading on a positive note with stocks from the banking and auto sectors leading the gains.

The BSE-Sensex is trading up 441 points (up 1.7%) and the NSE-Nifty is trading up 136 points (up 1.7%). The BSE Mid Cap index is trading up by 1.5% and the BSE Small Cap index is trading up 1.3%. Gold prices, per 10 grams, are trading at Rs 26,322 levels. Silver price, per kilogram, is trading at Rs 35,991 levels. Crude oil is trading at Rs 3,058 per barrel. The rupee is trading at 65.74 to the US dollar.

Stocks in the power space are trading on an encouraging note with CESC Ltd and Torrent Power Ltd leading the gains. As per an article in Livemint, Power Grid Corporation of India Ltd reported that its shareholders have granted approval to raise up to Rs 140 bn through issuance of bonds in 2016-17. According to the proposal, the company will be raising the funds in eight tranches and each tranche shall be of up to Rs 20 bn. As stated, these funds will be utilized for capital expenditure and for providing loans to wholly owned projects and special purpose vehicles acquired by the company. Stock of the company is presently trading up by 1.2%.

Cement stocks are trading positively with India Cements and The Ramco Cements leading the gainers. As per a leading financial daily, UltraTech Cement has got environment ministry's clearance to expand its capacity at Awarpur plant in Maharashtra which would entail an investment of Rs 2.4 bn. For this, the company has proposed to raise production of clinker, a raw material for cement manufacture, to 4.5 million tonnes per annum (MTPA) from the existing 3.30 MTPA. The company has been asked to comply with specific conditions like developing green belt over 33% of the total project area, installing air monitoring devices and continuous stack monitoring of facilities to monitor gaseous emissions. Currently the stock of UltraTech is trading up by 2.1% on the BSE.

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