After opening the day on a flat note, the Indian Indices continued to trade slightly below the dotted line. Sectoral indices are trading on a mixed note with stocks from the pharma and banking sectors leading the gains. However, mining stocks are witnessing selling pressure.
The BSE-Sensex is trading down 29 points (0.1%) and the NSE-Nifty is trading down by 5 points (0.1%). The S&P BSE Midcap index and the S&P BSE Smallcap index are trading in the green, up by 0.4% and 0.7% respectively. At the time of writing, the rupee stood at 66.03 to the US$.
As per a leading financial daily, aluminum giant NALCO is all set to invest over Rs 650 bn to launch ambitious projects in the country including a greenfield aluminum smelter abroad. For this, the company is exploring countries like Oman, Iran and Indonesia to set up the proposed smelter plant with an estimated investment of Rs 200 bn. The smelter unit is sought to be of 5 million tonnes per annum (mtpa) capacity together with 150 MW (mega watt) captive power plant. Turning to domestic turf, the company has also proposed to set up a smelter and a power complex at a cost of Rs 220 bn in Sundargarh district of Odisha. Stock of NALCO is presently trading up by 0.6% on the BSE.
Stocks in the power space are trading on a mixed note with PTC India Ltd and KSK Energy witnessing maximum buying interest. As per an article in Economic Times, NTPC's 4000-MW Lara thermal project in Chhattisgarh will go on stream by March 2017 with a likely commissioning of its first 800-MW unit. The project, having a capacity of 4,000 MW, will come with an overall investment of about Rs 300 bn. The power generated from the Lara project will be supplied to Chhattisgarh, Maharashtra and Goa. NTPC has over 23,000 MW capacities under construction and nearly 9,500 MW is up for bidding. Scrip of NTPC is trading marginally down.