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Sensex Continues to be Dull; Auto & Metal Stocks Shine
Fri, 28 Oct 01:30 pm

Indian share markets continued to trade near the dotted line in the noon session amid mixed global markets. Barring IT sector, all the sectoral indices are trading in green.

The BSE Sensex is trading lower by 2 points and the NSE Nifty is trading higher by 16 point. The BSE Mid Cap index & the BSE Small Cap index is up by 0.7% and 0.8% respectively. The rupee is trading at 66.85 to the US$.

Share price of Torrent Power is trading on an optimistic note (up 0.3%) after it was reported that the company has received an approval for seeking consent of the Shareholders by way of Postal Ballot & E-voting for issuance of Secured, Redeemable, Non-Convertible Debentures (NCDs) not exceeding Rs 15 billion at par, on a private placement basis within the overall borrowing limits of the company as approved by the shareholders.

Meanwhile, the company reported a 43% dip in its consolidated net profit at Rs 1.41 billion in the quarter ended September 30 as against Rs 2.47 billion for the second quarter last year. The profits were down mainly due to partial recovery of fixed costs at its generation plants.

Total income decreased from Rs 32.28 billion for the quarter to Rs 27.26 billion for the corresponding period a year ago. Net income from operations decreased to Rs 26.27 billion in the second quarter of this fiscal from Rs 30.56 billion a year ago.

In another development, Torrent Power is reportedly seeking 38 cargoes of liquefied natural gas (LNG) for delivery over four years beginning April 2017. This is likely to be the firm's first import tender.

In October last year, the company signed a long-term capacity booking contract with Petronet LNG to use the latter's Dahej LNG import terminal. Under the agreement, Torrent will be able to receive 1 million tonnes per annum of LNG from Dahej for 20 years starting 2017.

Torrent's term tender comes at a time when most LNG buyers are issuing tenders for supplies starting from 2017 and beyond.

Moving on to news from stocks in steel sector. According to a leading financial daily, Tata Steel has inked an agreement for equity partnership for its Canadian Iron Ore Mines. Tata Steel Minerals Canada together with its parent companies has signed definitive agreements for concluding investments of C$125 million as equity and C$50 million as debt with Government of Quebec's investment entities, Resources Quebec (RQ) and Investment Quebec (IQ) respectively, totaling C$ 175 million.

The investment will result in an 18% equity stake for Resources Quebec in Tata Steel Minerals Canada in line with the carrying value of the investment in Canadian iron ore assets for Tata Steel. Consequently, the shareholdings of Tata Steel and New Millennium Iron will be adjusted to 77.68% and 4.32% respectively.

Tata Steel has invested in Eastern Canada to set up mining operations across several deposits straddled across the Quebec-Newfoundland and Labrador- peninsula and multiple processing facilities including a state-of-the-art beneficiation plant.

The project has consequently enabled the development of infrastructure facilities including rail, roads, telecommunications and Port that has had significant positive impact in the socio economic landscape in Quebec and Newfoundland and Labrador.

Share price of Tata Steel is trading up 1.1% on the BSE.

Steel stocks are trading on a mixed note with Tata Sponge and Maharashtra Seamless leading the gains.

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