Power stocks are trading in the red. National Thermal Power Corporation (NTPC) and JSW Energy are the biggest losers while Indiabulls Power and Torrent Power are the biggest gainers. According to a leading financial daily, NTPC is planning to go ahead with the 1,600 Mw (2x 800 Mw) Katwa project in West Bengal. However the company has shelved plans to purchase the land directly. Earlier, NTPC had decided to buy land directly from farmers. However, owing to hurdles in the involvement of middlemen and the high prices quoted by farmers, the company decided against it. Now, NTPC has written to the state power department, urging it to acquire land for the company. The state government is yet to decide on NTPC's request. The Rs 96 bn project would need about 1,030 acres of which West Bengal Power Development Corporation (WBPDCL) has already acquired 575 acres.
Automobile stocks are trading weak led by Ashok Leyland and Tata Motors. According to a leading financial daily, Tata Motors has tied up with J&K Bank for car financing. This will make J&K Bank, one of the preferred financiers of Tata Motors for its passenger car segment. J&K Bank has a vast network and Tata Motors wants to make the most of it for retail financing. J&K Bank is looking at expanding their car loan finance segment and this partnership will provide them an avenue towards this. As part of the tie-up, J&K Bank will provide loan facility of up to seven years, with maximum funding to eligible Tata Motors customers.