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Indian share markets remain in red
Tue, 18 Jun 11:30 am

Indian share markets have remained in red in the last two hours of trade. While realty and oil and gas are leading the pack of winners, banks and consumer durables are facing the maximum selling pressures.

The BSE-Sensex is down by 23 points and NSE-Nifty is down by 13 points. Both BSE Mid Cap and BSE Small Cap indices are up by 0.5%. The rupee is trading at 58.31 to the US dollar.

Majority of the power shares are trading in green with GVK Power and Infra and Torrent Power leading the gains. Among the losers, National Thermal Power Corporation (NTPC) and CESC are witnessing the maximum selling pressures. According to a leading financial news medium, State run firm, National Thermal Power Corporation (NTPC) and Odisha Power Generation Corporation's (OPGC) coal-fired power plants are battling critical coal stocks. The 3,000 MW super thermal power station (STPS) of NTPC at Kaniha has 279,600 tonne coal stock, which will last for only five days, while OPGC's LB valley plant near Jharsuguda has a total stock of 26,610 tonne of coal which will last for barely four days.

Besides, the NTPC STPS is reeling under critical stock because of lesser imports. Around 53,000 tonne of coal is needed to operate the pithead 3,000 MW station. NTPC's Talcher Thermal Power Station in the vicinity with 470 MW capacity is, however, in a comfortable position with 24 days coal stock.

Mining shares are trading on a mixed note with Gujarat NRE Coke and Sesa Goa Ltd leading the gains while MOIL Ltd and Metals and Minerals Trading Corporation of India Ltd. (MMTC) are facing the maximum selling pressures. According to a leading financial news medium, Coal India, the state run miner has decided to acquire two Australian companies for over US$ 4 bn. With this initiative, the company aims to import 28 million tonnes high quality thermal coal a year. The company has sent the proposal to pick majority stakes for US$2 billion each in the two companies, with annual output of 12 million tonnes and 16 million tonnes, respectively. The acquisition process is likely to take at least three months because Coal India (CIL) will conduct a due diligence through its merchant bankers on the assets to make sure the return on investment is in stipulation with the government norms. Recently, CIL received 32 proposals when it floated an expression of interest for acquiring assets overseas, from countries including Indonesia, Australia, USA, Mozambique, Chile and Columbia. CIL's share is trading down by 0.1%.

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