Indian equity markets traded in the negative during the last two hours of trade after opening on a firm note earlier today. Sectoral indices traded mixed with realty and metal stocks leading the gains while FMCG and banking stocks led the list of losers.
The BSE-Sensex is trading lower by 40 points and NSE-Nifty is trading lower by 14 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.9% and 0.7% respectively. The rupee is trading at 54.48 to the US dollar.
Engineering stocks are trading in the green led by Thermax Limited and Jain Irrigation. As per a leading daily, Thermax has bagged an engineering, procurement and construction (EPC) order worth Rs 5 bn from the centre. This is for setting up a captive power plant. Thermax will do the designing, engineering, construction and commissioning of the power plant for new integrated steel plant. This project is designed as a zero discharge plant and an effluent treatment plant based on reverse osmosis will recycle water. Thermax will supply 3 boilers with 160 tonnes per hour capacity each and two 40 megawatt each steam turbines. Water demineraliser plant, cooling water system, air conditioning and ventilation system, compressed air system, fire fighting facilities and emergency DG set will also be supplied.
Power stocks are trading strong led by Indiabulls Power and Adani Power. According to a leading financial daily, Tata Power and CESC will sign separate agreements with Jharkhand State Electricity Board (JSEB) on December 5 for supplying power to the state capital and Jamshedpur. Tata Power and CESC have been chosen by JSEB from among a list of bidders. We may note here that Tata Power has been carrying out power distribution and associated activities in Jharkhand for some time now. However, CESC is comparatively new in the state and would have to set up their office in Jharkhand. JSEB wants CESC to start providing their services from January last year. However, since it is new to the state and requires to complete set of formalities, they have left it to CESC to decide when they want to start their state operations.