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Auto stocks lead the gains
Thu, 27 Sep 11:30 am

Indian equity markets held on to early morning gains and traded in the green during the last two hours of trade. Sectoral indices are trading strong except energy and IT stocks.

The BSE-Sensex is trading higher by 98 points and NSE-Nifty is trading higher by 23 points. BSE Mid Cap and BSE Small Cap indices are currently up by 0.5% and 0.7% respectively. The rupee is trading at 53.36 to the US dollar.

Mining stocks are trading weak. Gujarat NRE Coke and Coal India are the top losers. As per a leading daily, Coal India announced new supply pact with power companies. Accordingly, Coal India will meet 80 per cent of the coal requirements of power companies, a part of which will be imported. However, the proportion of imported coal in its committed fuel supply will reduce from 15% this fiscal to 5% in 2016-17.

If Coal India is not able to supply assured quantity of imported coal, it will pay a penalty equal to 1.5% of the price of shortfall. On the other hand, power companies will have to make advance payment for imported coal and cannot reject the supply once the orders have been made. This new fuel supply agreement (FSA) will apply to power units that were commissioned after December 2009 and those that will come up till March 2015.

Energy stocks are trading weak led by Cairn India and Oil and Natural Gas Corporation Ltd. (ONGC). According to a leading financial daily, on admitting the appeal of Gas Authority Of India Ltd. (GAIL), the Supreme Court has issued notice to Petroleum and Natural Gas Regulatory Board (PNGRB) challenging the award of Rs 70 bn Mallavaram-Bhilwara-Vijaipur gas pipeline project to a consortium led by state-run Gujarat State Petronet Limited (GSPL). The court has however declined to grant stay on the work of the over 1,500 km long pipeline project. It has also sought response from GSPL-led consortium members, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd. The court was hearing a petition filed by GAIL, challenging the order of the Appellate Tribunal for Electricity, rejecting petitioner's objection to PNGRB's decision to accept the technical bid of the GSPL led consortium for laying out the pipeline for transportation of natural gas. GSPL had bid the lowest for the project in 2010.

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