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India's Third Giant Leap

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Indian stock markets move higher
Wed, 8 Feb 11:30 am

Indian stock market indices traded strong over the last two hours of trade on the back of heavy buying activity witnessed across index heavyweights. Realty and Consumer Durable stocks witnessed maximum buying interest.

The BSE-Sensex is up by 135 points, while the NSE-Nifty is up by 37 points. BSE Mid cap index and the BSE Small cap index are up by 1.18% and 1.28% respectively. The rupee is trading at 49.05 to the US dollar.

Aluminium stocks are trading mixed with Hindalco trading in the green, while Nalco is trading in the red. State run National Aluminium Company Limited (NALCO) has announced results for the quarter ended December 2012. The company reported a 0.4% YoY increase in net sales and an 80% YoY decline in net profits. Operating profits declined by 83.6% YoY on account of higher expenditure and lower LME (London Metal Exchange) aluminium prices. The sharp drop in LME aluminium prices has made it unviable for several aluminium producers across the globe to operate, forcing them to partially shut down smelters. For the nine months ended December 2011, net sales increased by 14.1% and net profits declined by 23.1% as compared to the same quarter previous year.

Steel stocks are trading strong led by Tayo Rolls and JSW Ispat. As per a leading daily, Steel Authority of India Limited (SAIL) will be hiking the prices of long products by up to Rs 3,000 per tonne. The hike will be effective from February 1, 2012. The steel company has raised the prices of TMT bars by Rs 2,500 per tonne and that of angles by Rs 3,000 per tonne. The revised prices of TMT bars and angles are Rs 40,000 per tonne and Rs 37,500 per tonne respectively. Channels are now priced at Rs 37,500 per tonne up from earlier Rs 35,000 per tonne. SAIL has kept prices for hot-rolled and cold-rolled coils unchanged. It may be noted that construction activity has gathered pace in the country and TMT bars, angles and channels are used in the construction sector.

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