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Indian share markets slip further
Thu, 12 Dec 01:30 pm

After opening in the red, Indian share markets continued to widen losses in the post-noon trading session. Barring realty and power, all the sectoral indices are trading in the red with auto, oil and gas and banking stocks being the biggest losers.

BSE-Sensex is down 151 points and NSE-Nifty is trading 43 points down. Both BSE Mid Cap and BSE Small Cap indices are trading marginally up. The rupee is trading at 61.5 to the US dollar.

Majority of the power stocks are trading in the green with JSW Energy and NHPC Ltd being the major gainers. GSK Power and Nevyeli Lignite are among the few stocks trading in the red. As per a leading financial daily, the government has waived off ultra mega power projects (UMPPs) from the provisions of the Forest Act 1980 to expedite major capital investments in the country. As per the provisions of the Forest Act, project developers are required to identify non-forest land for afforestation as compensation. As per the new provisions, the developer of UMMP's will be required to pay for the afforestation initiative whereas the non-forestland will be identified by the host state government. The Cabinet Committee on Infrastructure has granted 'central government status' to UMMP's for the purpose of forestland acquisition. This decision is likely to benefit companies like Reliance Power that are executing three UMMP's as well as future developers of such projects. Reliance Power stock is trading up by 0.8%.

Majority of the cement stocks are trading in the red with India Cements and Ramco Cements being the biggest losers. Heidelberg Cement and Shree Cement are among the few stocks trading in the green. As per a leading financial daily, Ultratech Cement will be investing to the tune of Rs 50 bn in Uttarakhand state. The company has been issued a letter of intent by the Industrial Development Department to set up cement plants valued at Rs 50 bn at Tuni in Dehradun district and Someshwar in Almora district. The plant in Tuni is expected to have a capacity of 3.5 m tonnes per annum whereas plant in Someshwar will have a capacity of 2 m tonnes per annum. Ultratech Cement stock is currently trading down by 1%.

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Feb 20, 2018 10:53 AM