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Stock Market indices charge ahead
Tue, 28 Feb 01:30 pm

Backed by sustained buying by heavyweights, Indian stock markets continue to soar higher in the last two trading hours. Most of the sectoral indices, barring IT, are trading positive. Realty, banking, metal and consumer durables stocks are the biggest gainers.

The BSE-Sensex is trading up 266 points and NSE-Nifty is trading up 87 points. The BSE Mid cap and BSE Small cap indices are up by 2.6% and 2.3% respectively. The rupee is trading at 49.09 to the US dollar.

All the engineering stocks, barring ABB, are trading in green. BGR Energy, Havell's India and Alstom Projects are the biggest gainers. As per a leading financial daily, capital goods company Bharat Heavy Electricals (BHEL) has bagged a Rs 7.7 bn contract for supply of six onshore drilling rigs to oil exploration company Oil and Natural Gas Corporation Ltd. (ONGC). While the mechanical components will be manufactured by the company's Hyderabad plant, the electrical equipment will be produced in its Bhopal plant. Apart from supply of onshore drilling rigs, BHEL has carried out refurbishment and upgradation of ONGC's 33 rigs and will complete work on seven more rigs. BHEL stock is up 3.9%.

All the http power stocks are trading in green with Reliance Infra and GVK Power trading the strongest and National Thermal Power Corporation (NTPC) trading the weakest. As per a leading financial daily, Tata Power has achieved full capacity utlisation of its first unit of 800 MW of the 4,000 MW ultra mega power project in Mundra, Gujarat. The unit was synchronized with the national grid in January 2012 after a six-month lag on account of delay in set-up of transmission lines by Power Grid, which was facing evacuation issues. The unit will begin commercial production soon. As per the company, the project is on schedule. Reportedly, the five units of 800 MW each will generate saleable power of 3800 MW which will be supplied to the states of Gujarat, Maharashtra, Rajasthan, Haryana and Punjab. Tata Power stock is up 1.9%

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