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Indian stock markets trade weak
Mon, 3 Oct 11:30 am

Indian stock market indices continued to trade weak over the last two hours of trade. Metal and realty stocks witnessed maximum selling pressure while auto stocks witnessed maximum buying interest.

The BSE-Sensex is down by 315 points, while the NSE-Nifty is down by 96 points. BSE Mid Cap and BSE Small Cap indices are down by 1.6% and 1.1% respectively. The rupee is trading at 49.44 to the US dollar.

Power stocks are trading in the red with National Thermal Power Corporation (NTPC) and Tata Power being the biggest losers, while Reliance Infrastructure and Power Trading Corporation (PTC) India are the biggest gainers. According to a leading financial daily, world's largest coal miner Coal India has set an ambitious target of investing Rs 400 bn in the 12th five year plan period ending 2017 towards mines development to increase production. The company will also spend money on development of new projects, buying machinery and building washeries. The company had set a target of Rs 350 bn for the 11th five year plan but ended up with investment of only Rs 250 bn. Coal India has also set a production target of 556 m tonnes by 2017. The main focus of the company during the 12th five year plan would be developing mines within India as overseas coal assets acquisition programmes are moving quite slowly.

Engineering stocks are trading weak with most stocks in the sectoral index trading in the red. Crompton Greaves and BGR Energy are leading the downfall. According to a leading financial daily, state-run power equipment maker Bharat Heavy Electrical Limited (BHEL) is facing as many as 163 civil and criminal proceedings, including those related to bank guarantee, injunction suits and recovery of money. Out of 163 cases, 144 are civil and 19 are criminal cases. According to the company's draft document for the proposed disinvestment of 5% stake by the government, the estimated value of 144 civil cases is Rs 1.45 bn. Meanwhile, BHEL has initiated three criminal cases and 125 civil proceedings, whose aggregate monetary value is about Rs 1.9 bn.

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