Markets see a quiet start

Markets saw another quiet opening today, on cues from US and Asian markets. The Sensex opened at 18,273. The index slipped into red to a low of 18,238before recovering and touching a high of 18,349.The Sensex up 40 points at 18,315. 

Nifty was up eight points at 5,488.

US markets slumped the most in over two-weeks as a lower-than-expected retail sales data for January dampened investor sentiments. Dow slipped 42 points to 12,227. Nasdaq dropped 13 points to 2,804. 

Asian markets were trading on a mixed note. Hang Seng shed 61 points to 22,838. Meanwhile, Nikkei was up 41 points at 10,788. Te Japanese markets, gaining for the third straight day, crossed the 10,800 mark after nine months.

Indian markets on Tuesday ended a choppy session of trade in the green led by gains in banking and oil & gas shares. The Sensex ended up 72 points, at 18,273. The Nikkei closed at 5481, up 25 points.

Tata Steel would be a stock to watch out for as it reported a two-fold rise in net on Tuesday. The company posted a profit after tax of Rs 1,003 crore for the third quarter ended December 31, 2010, compared with Rs 472.65 crore in the same period last year. The stock is up 2.5% at Rs 632.

Most of the sectoral indices are in the green, barring realty and auto. Realty index has dropped 1% in opening trades.

Metal index has gained over 1% at the same time. The index is at 15,963, helped mostly by Tata Steel.

DLF shed 2% at Rs 235. HDFC slipped 1.6% to Rs 636. 

Tata Motors and Reliance Communications, BHEL, ICICI Bank, HDFC Bank were in red.

On the other hand, Jindal Steel, Larsen & Toubro and Sterlite gained 1-2% each.

Other gainers include Hero Honda, Jaiprakash Associates, Bharti Airtel, Reliance Industries and SBI.

Source:-http://www.business-standard.com/india/news/markets-seequiet-start/125884/on

Jindal Steel starts land survey for coal mining

DURGAPUR, 6 FEB: Chinese mining experts, appointed by Jindal Steel for the purpose, started a survey for a coal mining project in the Sarpi-Ichapur area in Laudoha block about 12 km from Durgapur town. The coal deposits were located in January, 2011. A group of 31 Chinese coal mining experts headed by Mr U Lee were seen conducting land survey in the Ichapur-Sarpi area this morning. They were given adequate police protection apprehending local protests against the project.

Jindal Steel was awarded three captive coal blocks in Ichapur, Kulti and Salanpur in Burdwan district for extracting coal for the purpose of running its proposed steel plant at Salboni in Midnapore West. Incidentally, the project had met with protests from the People’s Committee against Police Action (PCPA) which brought a long-sustained political turmoil in Lalgarh and its adjoining areas, experiencing a slew of police-Maoist encounters in recent times. Jindal Steel officials had intimated the nearby Laudoha police station of the survey prior to the visit of Chinese experts. The West Bengal Mineral Trading Development Corporation, the prime custodian of coal blocks, had awarded mining lease to the Jindals for the purpose of captive usage. The Ichapur – Sarpi mine, according to experts: “Would have a 10 square km operation zone and would be an underground mine lifting coal from the seam reserve located 1400 ft underground. 80 to 90 drillings will be conducted to know the thickness of the seam bed.” The company is planning to use Chinese or Australian technology for coal extraction from the mine. sns

Source: Jindal Steel starts land survey for coal mining