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Banking stocks lead the rally
Fri, 29 Jun 11:30 am

Indian equity markets continues to trade strong over the last two hours of trade on back of heavy buying activity witnessed across industry heavyweights. Banking and capital goods stocks witnessed maximum buying interest.

The Sensex today is up by 344 points, while the NSE-Nifty today is up by 102 points. BSE Mid Cap index and the BSE Small Cap index are up by 1.08% and 0.95%. The rupee is trading at 56.43 to the US dollar.

Telecom stocks are trading strong led by Reliance Communications and Mahanagar Telephone Nigam Limited (MTNL). According to a leading financial daily, Department of Telecom (DoT) is planning to impose penalty worth Rs 15.9 bn on five mobile phone firms. The decision comes after the DoT rejected their defence against charges that accused them of understating revenues and paying less levies. The DoT plans to send demand notices to Bharti Airtel, Idea Cellular, Vodafone, Tata Teleservices, Tata Communications and Reliance Communications by the month-end. Earlier this year, these companies were slapped with showcause notices after a DoT appointed panel endorsed the findings of external auditors, which said these operators had understated revenues by Rs 102 bn during 2006-07 and 2007-08.

Steel stocks are trading in the green led by SAIL and JSW Ispat. According to a leading financial daily, SAIL led consortium may sign the final pact with Afghanistan by July-end to develop a steel plant, a thermal power plant and necessary infrastructure. The consortium is planning to invest USD $10 bn towards these projects. The Afghan Iron and Steel Consortium had emerged as the preferred bidder for mining exploration rights at three iron ore mines at Hajigak, having an estimated reserve of 1.7 bn tonnes. SAIL has the maximum of 20% equity stake in it, while NMDC and RINL hold 18% each. Among private players, JSW and JSPL hold 16% each, while JSW Ispat and Monnet Ispat & Energy hold 8% and 4% stake. The consortium proposes to set up of a 6.12 million tonnes per annum (mtpa) steel plant in Afghanistan in two phases of 3.06 MT each, subject to Afghanistan government making available linkages for coking coal and limestone in requisite volumes.

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