Steel, power stocks edge higher

Shares of select steel and power generation firms rose 0.01% to 7.08% at 11:53 IST on BSE on reports that the Union Cabinet on Tuesday, 2 December 2014, cleared a bill on coal block auctions.

Among steel stocks, Jindal Steel & Power (up 7.08%), Bhushan Steel (up 1.2%), Tata Steel (up 0.35%), and JSW Steel (up 0.01%) edged higher. Steel Authority of India (down 1.45%) edged lower.

Among power generation and distribution companies, Torrent Power (up 1.91%), Reliance Power (up 1.67%), Adani Power (up 1.46%), NTPC (up 1.07%), NHPC (up 1.25%), Reliance Infrastructure (up 0.64%), and GVK Power & Infrastructure (up 1.64%) edged higher. Tata Power Company (down 0.55%), Power Grid Corporation of India (down 0.58%), and JSW Energy (down 1.14%) edged lower.

Meanwhile, the S&P BSE Sensex was down 51.55 points or 0.18% to 28,392.46.

According to reports, the Union Cabinet on Tuesday, 2 December 2014, cleared a bill on coal block auctions to replace an ordinance that was promulgated to begin auction of coal mines that were cancelled by the Supreme Court. The bill to replace the Coal Mines (Special Provisions) Ordinance, 2014 is likely to be brought before the Parliament during the ongoing winter session, reports added.

It may be recalled that the Supreme Court had in September cancelled allocation of 204 coal blocks, including 42 operational mines and another 32 ready-to-start blocks.

Powered by Capital Market - Live News