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Coal India (CIL), effective 1 October 2024, will be applying uniform interest rates on delayed amounts of receivables, adjustments and recoverable sums that remain outstanding after the due date. Earlier, the interest rates were skewed with wide variances even for the same generating company that had different Fuel Supply Agreements (FSAs) with CIL. The policy tweak is for coal sold under different FSAs and schemes. This is yet another consumer friendly approach by CIL enabling ease of business.
CIL's Board had given its nod for the parity in the last week of July 2024, amending the definition of interest rate mentioned in the body of FSAs.
CIL's revised interest rate is Repo Rate of Reserve Bank of India as applicable on the due date of payment plus 3%. This would be much lower than earlier rates easing the customer stress. Prior to the revision, interest rates for delayed payments used to hover between 9.5% and 14.85% under several FSAs. Repo rates are reviewed by RBI on quarterly basis.
The new interest rates are applicable for the delay in payments beyond 30 September 2024. The interest rates for the period till 30 September 2024 shall be charged as stated in the FSAs.
At 12:30 IST, the barometer index, the S&P BSE Sensex was up 8.50 points or 0.01% to 84,939.37. The Nifty 50 index rose 3.60 points or 0.01% to 25,942.65.
The Sensex and Nifty clocked an all-time high of 85,058.55 and 25,981.50, respectively in morning trade.
In the broader market, the S&P BSE Mid-Cap index added 0.08% and the S&P BSE Small-Cap index rose 0.02%.
The S&P BSE Small-Cap index and S&P BSE Mid-Cap index hit an all-time high at 57,728.08 and 49,701.15, respectively.
The market breadth was negative. On the BSE, 1,913 shares rose and 1,937 shares fell. A total of 124 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.36% to 13.84. The Nifty 26 September 2024 futures were trading at 25,955.15, at a premium of 6.35 points as compared with the spot at 25,868.30.
The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 131.4 lakh contracts at the 27,000 strike price. Maximum Put OI of 130.5 lakh contracts were seen at 25,000 strike price.
Buzzing Index:
The Nifty FMCG index fell 0.80% to 65,776.60. The index advanced 1.97% in the past three consecutive trading sessions.
Hindustan Unilever (down 1.92%), Nestle India (down 1.83%), Dabur India (down 1.25%), Varun Beverages (down 1.24%) and Godrej Consumer Products (down 0.99%), Marico (down 0.63%), Colgate-Palmolive (India) (down 0.6%), ITC (down 0.44%), Britannia Industries (down 0.29%) and United Spirits (down 0.11%) edged lower.
On the other hand, Balrampur Chini Mills (up 2.17%) ,Radico Khaitan (up 0.19%) and Tata Consumer Products (up 0.14%) advanced.
Stocks in Spotlight :
Larsen & Toubro (L&T) rose 0.96%.The company’s power transmission & distribution (PT&D) vertical secured ‘Mega’ order in the Middle East for expanding and strengthening the electricity grids at high voltage level.
Coal India added 1.16% after the company informed that it has entered into a joint venture agreement (JV) with Rajasthan Rajya Vidyut Utpadan Nigam (RRUVNL) to establish brownfield thermal power project in Rajasthan.
Punjab National Bank fell 2.08%. The bank informed that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 109.16 per share.
The company’s purpose of this agreement is to establish 2x800 MW brownfield thermal power project in RRUVNL's existing Kalisindh thermal power station. Additionally, the company intends to undertake any other thermal power related projects and engage in renewable energy business in Rajasthan.
The joint venture agreement outlines a shareholding structure of 74% for Coal India and 26% for RRVUNL. Coal India and RRVUNL will each have the right to nominate directors for the joint venture company, with Coal India nominating four executives and RRVUNL nominating two.
Coal India is a coal mining company engaged in the production and sale of coal. As of 30 June 2024, the Government of India held 63.13% stake in the company.
The coal major reported 4.1% rise in consolidated net profit to Rs 10,959.47 crore in Q1 FY25 from Rs 10,528.03 crore in Q1 FY24. Revenue from operations rose 1.59% to Rs 36,464.61 crore in the first quarter of FY25 from Rs 35,893.21 crore recorded in the same period last year.
Shares of Coal India rose 0.53% to currently trade at Rs 503.40 on the BSE.