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The upcoming trading week will be shorter due to holidays, with market participants closely monitoring both global and domestic events.
At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 205.14 points or 0.28% to 74,571.42. The Nifty 50 index added 66 points or 0.29%, to 22,618.50.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index declined 0.62%.
The market breadth was negative. On the BSE, 1,714 shares rose and 1,915 shares fell. A total of 183 shares were unchanged.
Economy:
India's forex reserves dropped by $1.781 billion to $638.698 billion in the week ended February 28, the RBI said on Friday.
Foreign currency assets, a major component of the reserves, decreased by $493 million to $543.35 billion.
Gold reserves decreased by $1.304 billion to $73.272 billion during the week, the RBI said.
The Special Drawing Rights (SDRs) were up by $27 million to $17.998 billion, the apex bank said.
India's reserve position with the IMF fell by $12 million to $4.078 billion in the reporting week, the apex bank data showed.
Buzzing Index:
The Nifty Metal index added 0.95% to 9,012.10. The index surged 9.64% in six consecutive trading sessions.
JSW Steel (up 1.61%), Jindal Steel & Power (up 1.5%), Adani Enterprises (up 1.22%), Tata Steel (up 1.21%) and NMDC (up 1.1%), Hindalco Industries (up 1.02%), Steel Authority of India (up 0.85%), APL Apollo Tubes (up 0.62%), Vedanta (up 0.55%) and Welspun Corp (up 0.38%) advanced.
On the other hand, Ratnamani Metals & Tubes (down 1.10%), National Aluminium Company (down 1.08%) and Hindustan Copper (down 0.94%) edged lower.
Stocks in Spotlight:
Coal India (CIL) rose 0.75%. The company said that it has signed memorandum of understanding (MoU) with Indian Institute of Technology, Hyderabad (IIT-H) to develop clean coal technologies, diversification in coal utilization.
Sun Pharmaceutical Industries added 0.19%. The company said that it has entered into an agreement for the acquisition of all the outstanding shares of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.
Lupin gained 0.44%. The pharma major announced that it has launched Rivaroxaban tablets USP, 2.5 mg, in the US market following final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA).
The current collaborative model is an research & development (R&D) endeavour under the umbrella of National Centre for Coal and Energy Research (NaCCER). This is an independent R&D unit of CMPDI, the mine development and consultancy arm of CIL.
The CIL management has green flagged a grant of Rs 98 crore to IITH for a duration of five years for setting up centre of excellence. It is anticipated that the project will be financially self-sustainable beyond the initial five year funding received from CIL.
CIL’s Board earlier in July 2024 has given its nod to focus on providing grants to reputed government institutions and research organizations under R&D expenditure. The objective is to enhance research capabilities and establishment of Centres of Excellence.
Coal India is a coal mining company engaged in the production and sale of coal. As of 31 December 2024, the Government of India held a 63.13% stake in the company.
The firm reported a 17.04% decrease in consolidated net profit to Rs 8,505.57 crore in Q3 FY25 from Rs 10,253.48 crore in Q3 FY24. Revenue from operations fell 1.03% to Rs 35,779.78 crore in the third quarter of FY25 from Rs 36,153.97 crore recorded in the same period last year.
The counter 0.97% to settle at Rs 384.00 on the BSE.
Coal India Ltd is up for a third straight session in a row. The stock is quoting at Rs 380.65, up 3.37% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.51% on the day, quoting at 22451.5. The Sensex is at 74133.19, up 0.55%. Coal India Ltd has risen around 0.63% in last one month.
Meanwhile, Nifty Energy index of which Coal India Ltd is a constituent, has risen around 3.73% in last one month and is currently quoting at 31099.45, up 1.59% on the day. The volume in the stock stood at 58.84 lakh shares today, compared to the daily average of 61.03 lakh shares in last one month.
The benchmark March futures contract for the stock is quoting at Rs 384.75, up 4.2% on the day. Coal India Ltd is down 17% in last one year as compared to a 0.19% drop in NIFTY and a 21.61% drop in the Nifty Energy index.
The PE of the stock is 13.19 based on TTM earnings ending December 24.
Coal India (CIL) in a latest decision has done away with the financial coverage, of ten days of coal value that its non-power sector (NPS) consumers were required to pay CIL for the coal they receive through rail mode.
With the waiver of financial coverage, CIL takes an important step towards reducing transactional complexities and fostering an environment that encourages smooth and efficient business operations.
“The latest decision is one more step in CIL's ongoing efforts to streamline operations under the broader ease of doing business initiative. This also helps reducing financial burden for NRS consumers and improve their cash liquidity” said a CIL executive.
The liquidity availability enables consumers to use the freed-up capital for other operational needs and reduce the working capital pressure.
During the ongoing financial year CIL supplied about 560 million tonnes (MT) of coal to power sector and nearly 134 MTs to NPS consumers till February. The offtake through rail mode accounted for 55% of CIL's total supplies.
This initiative is also part of CIL's broader vision to optimize and modernize coal supply processes for all sectors, aligning with the government's ongoing push to make business operations more transparent, accessible, and cost-effective for industries across India.
In a regulatory filing, the PSU coal major said that its board approved the 'Singrauli Punarasthapan Charge of Rs 300 per tonne, over and above the notified price of coal shall be levied uniformly across all mines of NCL on and from 1st May'2025'. The decision, it added, is expected to generate additional revenue of around Rs 3877.50 crore.
NCL is the third largest subsidiary of Coal India. Total coal production capacity as per Environmental Clearances of NCL mines as on 31 March 2024 was 138.97 Million Tonne Per Annum (MTPA).