Key indices in Indian stock markets continued to draw strength in the last two hours of trade from the buying interest in commodity and power sectors. Barring auto and capital goods all other sectors are trading in the positive.
Power stocks are trading on a mixed note with Jaiprakash Power and Reliance Infra leading the gains; while Neyveli Lignite and PTC India are leading the losses. According to a business daily, National Thermal Power Corporation (NTPC), the country's largest power producer plans to raise Rs 1,000 bn to fund its expansion plans during the 12th five year plan period. The company plans to add more than 14,078 MW during the 12th plan period. Total debt of Rs 111 bn has already been utilized in FY13 and debt of Rs 170.7 bn is yet to be drawn. The company is mobilizing debt from both the domestic and international markets. In FY14, NTPC plans to add 1875 MW of thermal power capacity. NTPC' stock is trading higher by 2.42%.
The BSE Metal Index is trading higher by 2%. The top gainers are Coal India and Sterlite Industries. Hindalco Industries is trading flat after falling about 20% in the last 2 weeks. The company had recently reported that its overseas arm Novelis would hike prices all automotive aluminum sheet products sold in Europe by 160 euros per metric tonne, with immediate effect, to defend its margins. The change would apply to all new orders not covered by current supply agreements. Earlier in June, Novelis had increased the prices of painted aluminum sheet products in Europe by 100 euros per tonne. The company has reported that it will announce its 1QFY14 results on 13th August.