Indian stock markets pared losses in the last two trading hours but continued to trade in the red. Majority of the sectoral indices are trading in the positive with Private Sector Units (PSU) and realty stocks leading the pack of gainers. FMCG and banking stocks were amongst the few sectors trading in the red.
Majority of the power stocks are trading in the green with GVK Power, Reliance Power and PTC India Ltd being the biggest gainers. As per a leading financial daily, Tata Power has started generating power from 800 MW super-critical unit 1 of the Mundra Ultra Mega Power Project (UMPP). The project at Mundra will have five units of 800 MW each and generate 4,000 MW of overall power. The first unit was slated to begin commissioning by September 2011. Of the four UMPP projects awarded so far, the remaining three in Sasan (Madhya Pradesh), Krishnapatnam (Andhra Pradesh) and Tilaiya (Jharkhand) have been bagged by Reliance Power. Tata Power stock is up 1.1%.
Stocks from the engineering sector are trading mixed with Bharat Bijlee and Finolex Cables leading the pack of gainers and Kalpataru Power and Jain Irrigation trading the weakest. As per a leading financial daily, Larsen And Toubro (L&T) is planning to be more aggressive in contracting new orders. At a time when the order inflows for the construction industry are slowing down, the company is planning to go for more international orders. As part of the plan, the company intends to set up new offices and hire more people. Besides looking at the Gulf region, the company is eyeing other economies. It has recently opened its offices in Istanbul in Turkey to bag orders from CIS (Commonwealth of Independent States) countries. The company is looking forward to orders from the hydrocarbons sector as well for which it may open offices in Saudi Arabia and Australia. Besides, the company is boosting manpower to secure more orders from South American economies apart from Brazil.