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After opening the day on a firm note, the Indian share market has lost its early gains. Sectoral indices are trading on a mixed note with stocks from power sector are witnessing maximum selling pressure. Whereas, stocks in the metal sector are witnessing buying interest.
BSE Sensex is trading higher by 63 points (up by 0.3%). NSE Nifty is trading higher by 26 points (up 0.3%). The BSE Mid Cap index is trading up by 0.1%. While, the BSE Small Cap index is trading down by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,170 levels. Silver price, per kilogram is trading at Rs 40,898 levels. Crude oil is trading at Rs 3,324 per barrel. The rupee is trading at 68.25 to the US$.
According to an article in Moneycontrol, Coal India (CIL) is examining opportunities to export coal with high ash content or high grade fossil fuel to the neighboring nations as the demand for such type of coal is comparatively less in the domestic market. A very small quantity of such coal is exported to these countries.
Since domestic demand for thermal grade coal is picking up with depletion in stock and CIL is augmenting supply to power plants to reduce imported coal consumption, exporting lower grade coal in the current market scenario is not contemplated.
Indian non-coking thermal coal of lower calorific value with higher ash content is not comparable with quality of coal usually traded in international market. However, because of the cheaper price of Indian thermal coal in comparison to coal from other countries there is a demand for such coal in the neighboring land locked countries like Nepal and Bhutan as also Bangladesh.
Share price of Coal India is presently trading up by 0.7% on the BSE.
Mahindra First Choice services, an arm of Mahindra & Mahindra (M&M), is planning to sell a portion of its stake to raise up to $50 million. The money in-turn will be used by the management to support the company's expansion plan and strengthening technology for the future.
The money will also help to expand its recently launched portal carworkz, which is being tested at Mumbai currently. The portal allows customers to book, review and rate the independent garages. Currently it is operating only in Mumbai and company plans to take this to around 15 cities. Through this digital platform the company will work with around 15,000-20,000 garages in these cities.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile
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