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Mid and small caps outperform
Mon, 27 Aug 11:30 am

Indian equity markets were trading in the red during the last two hours of trade. Sectoral indices displayed a mixed performance with realty and banking stocks leading the losses while energy and consumer durable stocks managed some gains.

The BSE-Sensex is trading lower by 13 points and NSE-Nifty is trading flat. However, BSE Mid Cap and BSE Small Cap indices are trading higher by 0.2% and 0.3% respectively. The rupee is trading at 55.58 to the US dollar.

Mining stocks are trading weak led by Ashapura Minechem and Gujarat NRE Coke. According to a leading daily, Coal India has invited companies to advise the coal mining company on side pact for coal imports. As per the Fuel supply agreement (FSA), Coal India will have to import coal in case its production falls short of the required amount to be supplied to power firms. Coal India is looking at appointing an agency both for importing coal and delivering it to the power generating company. We may note here that in an earlier meeting, Coal India had agreed to pay a penalty ranging between 1.5% and 40% on failing to supply the committed quantity of the fuel to power firms.

Energy stocks are trading strong led by Gujarat State Petronet and Cairn India. According to a leading financial daily, Hindustan Petroleum Corporation Limited (HPCL's) Rs 300 bn refinery project in Tavsal, Guhagar in Ratnagiri district of Maharashtra may face further delay due to bureaucratic red tape. HPCL, facing space constraint with regard to expansion at its Mumbai refinery, had in 2010 decided to set up a 9 million tonne per annum (mtpa) refinery in Maharashtra. The company needs 3,000 acres for the project. It had earlier decided to set up a refinery at Lote Parshuram in Chiplun, Ratnagiri district, on 2,800 hectares, but later changed its plan and sought land in Tavsal. The company has finished the feasibility report and finalised the configuration, but cannot acquire land till the environment clearance is in place.

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