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Indian stock markets trade strong
Tue, 20 Mar 11:30 am

Indian stock market indices traded strong over the last two hours of trade. consumer durables and capital goods stocks witnessed maximum buying interest, while Auto stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 64 points, while the NSE-Nifty is up by 22 points. BSE Mid cap index and the BSE Small cap index are up by 0.17% and 0.20% respectively. The rupee is trading at 50.23 to the US dollar.

Energy stocks are trading strong led by Bharat Petroleum Corporation Ltd. (BPCL) and Oil India Ltd. (OIL). According to a leading financial daily, the Karnataka government is in talks with Gas Authority Of India Ltd. (GAIL) and Hindustan Petroleum Corporation Ltd (HPCL) to arrange gas for three power plants for which it is planning to seek bids. The state government is planning to procure about 26 mmscmd for a total power capacity of 2,100 mega watt (MW). The state government had made failed attempts to seek bids for three power plants at Davangere, Gadag and Belgaum in 2010. Each of these power plants have a capacity of 700 MW each, and entail a project cost of Rs 35 bn. However, private power producers had expressed concerns on their ability to procure gas by themselves.

Power stocks are trading strong led by Neyveli Lignite and PTC India Ltd. According to a leading financial daily, Tata Power has become the largest power generating company in the privates sector. The power company now has a total capacity of 5,297 megawatt after synchronization of its 2 Maithan units in Jharkhand. It may be recollected that the first unit of Maithan was commissioned last year. For this new project, Tata Power has gotten into agreements regarding fuel supplies with Coal India's subsidiaries Bharat Coking Coal and Central Coal fields. The power company recently commissioned the first unit of India's first ultra mega power project in Mundra, Gujarat. With Mundra and Maithan, Tata Power now has a gross thermal power generating capacity of 4,474 megawatt and a clean generation capacity of 850 megawatt.

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