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Markets down on profit booking
Tue, 10 Dec Closing

Indian equity markets started the day on a negative note and continued this trend throughout the day as investors booked profits after the BJP's victory in three of the four states pushed the markets to all-time closing highs on Monday. Banking and Capital Goods stocks were the leading pack of losers. While the BSE-Sensex closed lower by 71 points, the NSE-Nifty closed lower by 31 points. BSE Mid Cap and the BSE Small Cap closed on a negative note.

As regards global markets, Asian indices closed in the red. European indices have opened in the green. The rupee was trading at Rs 61.2 to the dollar at the time of writing.

Coal India has initiated the process to recover its long-standing huge dues from the power companies. The state-owned miner has started deducting upto 25% of the upfront payments for new supplies by its consumers to recover the dues which currently stand at a whopping Rs 110 bn. The company is planning to recover another Rs 60 bn due by the end of the current fiscal by this process. Over 40 firms are to clear their dues to Coal India. Of this state-run National Thermal Power Corporation alone owes Rs 32 bn. Officials suggest, dues of over Rs 8 bn have been recovered from NTPC in the last two months.

The Central Electricity Regulatory Commission (CERC) announced the draft norms on tariffs for the power sector which will be applicable between FY15 and FY19. These norms significantly tighten operating norms for power producing and transmission companies across the board. With the regulator proposing to tighten operating norms, the going may become tough for state-owned generators and transmission companies like NTPC. The new regulations propose shifting of incentives to the company's plant load factor (PLF) from plant available factor (PAF). While the private generators have been given the permission to raise tariffs, this would cap NTPC's returns as it would suffer if the badly managed state electricity boards do not draw power.

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