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Metal & power lead gainers
Wed, 2 Jul 01:30 pm

Indian share markets continued to climb higher in the post-noon trading session. All the sectoral indices are trading in the green with metal, power and capital goods stocks being the biggest gainers.

BSE-Sensex is up 286 points and NSE-Nifty is trading 86 points up. BSE Mid Cap is trading 0.9% up and BSE Small Cap index is trading up by 1.2%. The rupee is trading at 59.83 to the US dollar.

Barring KSK Energy, all power stocks are trading in the green led by CESC Ltd and NHPC Ltd. As per a leading financial daily, Tata Power has switched from low calorific blended fuel to high grade coal for its ultra mega power project at Mundra in Gujarat. The shift is in line with Central Electricity Regulatory Commission's order directing power plants to use high quality coal based on the Deepak Parekh Committee report. As per the report, blending is not a viable option as the cost was offset by coal transportation and handling charges. Tata Power had shifted towards blended coal in 2012 after the benefit of low coal imports from Indonesia were offset by the latter's decision to benchmark all coal shipments out of Jakarta to international prices. Tata Power stock is trading up 0.8%.

Almost all steel stocks are trading firm today led by maximum buying in Maharashtra Seamless and Bhushan Steel. However, Tata Sponge Iron is trading weak. As per a leading business daily, Tata Steel is expected to cut around 400 jobs in its steel making plant in UK as part of its efforts to restructure its strip product business there. The company's head in the European region is of the view that this development is for building up of future competitiveness of the division. Steel demand and prices are likely to be under pressure going forward in the region. As such, costs of manufacturing in UK are higher as compared to the rest of Europe. This variation makes the division uncompetitive which has led to restructuring. Tata Steel is trading higher by 0.5% today.

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