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Indian markets trade flat
Tue, 1 Dec 11:30 am

After opening the day on a positive note, the Indian Markets trimmed their gains and are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks from the metal and oil & gas sectors leading the gains. Auto stocks are trading in the red.

The BSE-Sensex is trading up by 46 points (up 0.2%) and the NSE-Nifty is trading up by 22 points (up 0.3%). The BSE Mid Cap index and the BSE Small Cap index are trading positively, up by 0.5% and 0.4% respectively. The rupee is trading at 66.47 to the US$.

Power stocks are trading mixed with RattanIndia Power and Jaiprakash Power leading gains. Tata Power has announced that its joint venture company Maithon Power has issued redeemable secured non-convertible debentures of Rs 5 billion on a private placement basis.

The NCDs carry a floating rate of interest linked to base rate published by HDFC Bank. As the statement reports, the NCD'S have been rated AA by Crisil.

On a separate note, the stock has recently witnessed buying interest after it launched special air conditioner exchange program in Mumbai. The same will promote energy efficiency under its 'Be Green' initiative. Tata Power regarding this stated that the 'Be Green' programme is designed with the objective of helping consumers save energy without compromising on their comfort and manage the increased power demand in Mumbai.

Tata Power is India's largest integrated power company with a significant international presence. It has presence in all the segments of the power sector viz generation (thermal, hydro, solar and wind), transmission, distribution and trading. The company in its results for the quarter ended September 2015 has reported an increase of 11% in its net sales. Consolidate net profit during the quarter stood at Rs 2,473 million as against a net loss of Rs 777 million during the same period last year.

Stocks in the automobile space are trading on a negative note with Eicher Motors and Escorts witnessing maximum selling pressure. As per a leading financial daily, Ashok Leyland has bagged an order for 3,600 vehicles worth US$ 200 million from Cote D'lvoire. The company has signed a contract with the government of the West African nation, also known as the Ivory Coast.

As per the contract, the company will be supplying vehicles, which include trucks and buses. The same is to be delivered over the next 12 months. Regarding this, the company stated that this is the largest contract for this country with any firms in India, and represents the largest such contract until date for the company.

EXIM Bank of India funds the contract and is final clearance from respective governments is pending. Lastly, the company is looking forward to build on this contract with Cote D'lvoire for further growth in Africa.

Presently the stock of the company is trading down by 0.5%.

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Feb 26, 2021 (Close)