Indian equity markets have conquered some more ground on the back of increased buying by foreign funds and retail investors ahead of the Budget 2011-2012, which is slated to be announced later in the day. It is expected that the finance minister will deliver a market friendly Budget that is chiefly influencing the trading sentiment. However, there is growing unrest in investor's mind as the finance minister crafts the new budget, as this will decide the growth trajectory. On the global front, the US markets snapped the last day of the week with gains as crude prices cooled off a bit and steadied after surging to their more than two years high. The US futures were showing downtick on the screen trade. Meanwhile the Asian shares were showing a diverge trend with the Hong Kong shares coming off their early losses as coal producers advanced on high crude-oil prices and geopolitical worries in the Middle East, although local property developers fell on policy concerns. Back on the Dalal Street only stocks from Auto sector are languishing at the bottom on the anticipation that a 2 per cent hike in excise duty on cars and bikes that will adversely affect the sector. Whilst , stocks from Public Sectors Undertaking, Capital Goods, Oil & Gas, Realty and Power counters are enjoying the investor's attention. The overall market breadth on BSE is strongly in the favour of advances which have thrashed declines in the ratio of 1582:638, while 85 shares remained unchanged.
The BSE Sensex is currently trading at 17,831.98, up by 131.07 points or 0.74%. The index has touched a high of 17,869.63 and a low of 17,732.38 respectively. There were 19 stocks advancing against 11 declines on the index.
The broader indices out performing benchmarks; the BSE Mid cap and Small cap indices were up by 1.12% and 1.07%, respectively.
The top gaining sectoral indices on the BSE were, PSU up by 2.32%, CG and Oil and Gas up by 1.74 %, Realty was up by 1.66%and Power up by 1.20%. While, Auto down by 1.5 8% was the only losers on the index.
The top gainers on the Sensex were L&T up by 2.64%, HDFC up by 1.90 % ONGC up by 1.88 %, JHUL up by 1.86% and RIL was up by 1.85%.
Hero Honda down by 3.29%, Tata Motors down by 2.73%, Bajaj Auto down by 1.62 %, Hindalco down by 1.52 % and M&M down by 0.80% were the top losers on the index.
Meanwhile, Coal India (CIL) decided to revise the coal prices effective from February 25, 2011, due to the revision of coal prices, the company would generate an approximate additional revenue of Rs. 650 crore in 2010-11 and Rs. 6200 crore in 2011-12.
The board gave the approval for the same at its meeting held on February 25, 2011.
Meanwhile, Coal India is the largest coal producing company in the world, based on the company's raw coal production of 431.26 million tons in fiscal 2010. As of March 31, 2010, the company operated 471 mines in 21 major coalfields across eight states in India, including 163 open cast mines, 273 underground mines and 35 mixed mines, which include both open cast and underground mines. The company also produces non-coking coal and coking coal of various grades for diverse applications.
The S&P CNX Nifty is currently trading at 5,344.00, up by 40.45 points or 0.76%. The index has touched a high of 5,355.65 and a low of 5316.55 respectively here were 31 stocks advancing against 18 declines, while 1 stock remained unchanged on the index.
The top gainers of the Nifty were IDFC up by 5.51%, Power Grid Corporation up by 4.99%, Reliance Capital up by 3.61%, Cairn India up by 2.71% and L&T up by 2.53%.
The top losers of the index were Hero Honda down by 3.52%, Tata Motors down by 3.40%, HCL Technologies down by 2.05%, Ranbaxy down by 2.04% and Hindalco was down by 1.57%.
Whilst, SRF has received its board's approval for expansion projects worth Rs 665 crore including one for setting up of the company's second overseas packaging film plant to manufacture Biaxially Oriented Polypropylene (BOPP) film in South Africa. The new BOPP film plant with an annual capacity of 25,000 tonnes is being set us as a greenfield project for a total investment of around Rs 250 crore. Equipped with a metallizer of 5400 tonne of annual capacity, the BOPP plant in South Africa is expected to start commercial production in July 2013. The new South African plant will also mark the company's maiden entry into the BOPP space.
The company also obtained board approval for setting up its second HFC-134, a plant with an annual capacity of 15,000 tonnes in its Chemical Complex in Dahej. The capacity of the second HFC-134 plant is significantly higher than the company's existing 5,000 tonne capacity plant in Bhiwadi. The project is expected to be commissioned at an estimated cost of Rs 365 crore. The new HFC plant, which is scheduled to become operational by January 2013, will also be backward integrated to produce 20,000 tonnes of AHF (anhydrous hydrofluoric acid), one of the key raw materials.
To meet the enhanced requirement of power and utilities for the new projects at Dahej site, the company's board approved another project for enhancement of captive power generation capacity to 14 MW for an estimated cost of Rs 50 crore.
Asian markets were trading on a mixed note; Shanghai Composite was up by 0.17%, Hang Seng was up by 0.79%, and Nikkei 225 was up by 0.44%.
On the flip side, Jakarta Composite declined 0.03%, KLSE Composite down by 1.10%, Straits Times shed 0.31% and Seoul Composite trimmed 0.84%.
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