After starting the day on a firm note, the Indian stock market indices moved below the dotted line over the course of the morning session. IT and FMCG stocks witnessed maximum buying interest while banking and auto stocks witnessed maximum selling pressure.
Majority of the engineering stocks are trading in the red with Jain Irrigation and Jyoti Structure being the weakest ones. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) has commissioned a 270-MW unit of coal based thermal power plant in Maharashtra. The unit will be assigned at Rattan India Powers Limited which is located at Amravati in Maharashtra. BHEL has commissioned three 270-MW units which are executed in two phases each of 1,350 MW. BHEL is currently trading down by 2% on the BSE.
Barring Shree Cement, cement stocks are all trading poorly. According to a leading financial daily, The Ramco Cements expects to commission its grinding unit at Vizag in Andhra Pradesh by April. The set up cost of the unit is expected to be around Rs 4.7 bn. The estimated capacity of the grinding unit is around 1 million tonne per annum. The company witnessed an increase in cement sales in Kerala and West Bengal but was sluggish in other parts of the country. In the year so far (1HFY15) the company's performance has been mixed with revenues growing at a dull pace. However, when it came to profits, the same grew by 45% YoY on the back of a good operating performance coupled with higher other income and a benign rise in interests costs.