The Indian markets shed some of its early gains but are still trading well above the dotted line in the post noon trading session. Banking and auto stocks are the leading gainers while stocks from IT and oil and gas sector witnessed maximum selling pressure.
Energy stocks are trading on a positive note. Chennai Petroleum and MRPL are the leading gainers. According to a leading financial daily, the three public sector companies Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are looking out to book capacities to import LNG from the proposed terminal built by Swan Energy at Jafrabad in Gujrat. The total estimated capacity of the terminal is 5 million tonne per annum (mtpa). Reportedly, the three PSU's are carrying out due diligence to book 1-1.5 mtpa capacity at the proposed terminal. The construction of the terminal is expected to begin in the latter half of 2015 and is likely to be operational by 2018. The cost of the terminal is expected to be around Rs 55 bn. It is to be noted that the marketing and trading of gas is not the core business of any of the three companies.
IT stocks are trading mixed today. Tech Mahindra and HCL Tech are the leading losers. Mphasis Ltd and Hexaware Technologies are the leading gainers. According to a leading financial daily, IT services and solutions firm Zensar Technologies has acquired a new order in its Application Management Services business. The order is reportedly worth Rs 1.9 bn. The new business will include new logos as well as renewal of significant engagements with existing clients in the key markets. The company had also announced deals worth US$ 12 m in the infrastructure management business in December last year. Zensar Technologies is currently trading up by 1.02% on the BSE.