Indian stock markets indices slipped further due to selling activity being witnessed across sectors. All sectoral indices are trading in the red, led by banking and metal stocks.
is trading down by 197 points and NSE-Nifty
is trading weak by 53 points. BSE Mid Cap and BSE Small Cap indices are trading down by 1.2 % and 0.8% respectively. The rupee is trading at 53.26 to the US dollar.
Barring Coal India, the stocks in the mining sector are mainly trading in the red led by Gujarat NRE Coke. As per a leading financial daily, Coal India has revised target production for FY12 to 440 million tonnes (MT) from 447 MT. The official estimate for FY 13 production is 464 MT. The management expects the current quarter to report better results. The management has stated that the dispatches in the current quarter are higher and it expects peak production from November to March. The company is loading an average of 16 rakes per day. The management has stated that it has made some progress on a few proposals for acquisition. Regarding buyback, the Government has not yet asked and the company plans to use Rs 530 bn of cash for capital investments.
The stocks in the Power sector are trading mainly in the negative. Tata Power and National Thermal Power Corporation (NTPC) were the prominent gainers. As per a leading financial daily, Reliance Power has commissioned 900 MW of the 1200-MW Rosa project in Uttar Pradesh. The balance 300 MW of the project is expected to be commissioned in March 2012, ahead of schedule as per the company. The Rosa plant, once fully commissioned, will reportedly meet 15% of the power requirement in Uttar Pradesh. The stock was trading in the red.