After showing slight recovery from the initial losses, Indian stock markets have slipped below the dotted line during the last two hours of trade. Among sectoral indices, realty is the biggest loser.
The BSE-Sensex is trading down by 30 points and NSE-Nifty is trading down by 18 points. BSE Mid cap and BSE Small cap indices are trading lower by 0.3% and 0.1% respectively. The rupee is trading at 50.87 to the US dollar.
Engineering stocks are trading mixed with Blue Star and Voltas leading the gainers and Suzlon Energy and Emco trading the weakest. As per a leading financial daily, Bharat Heavy Electricals (BHEL) has bagged an order worth Rs 6.3 bn for setting up a 300 MW thermal power plant in Visakhapatnam. The contract has been signed with Abhijeet Projects Limited, an Independent Power Producer. BHEL has bagged this contract despite stiff competition and the development reflects the confidence that Independent Power Producers (IPPs) have reposed in the firm. In the last two fiscals also, BHEL received 71% of its power plant equipment orders from IPPs. The stock was trading in the green.
As per a leading financial daily, the Government may get bogged down by yet another corruption scandal. As per a leaked draft from the Comptroller and Auditor General's (CAG) office, the country might have lost upto US$ 210 bn in revenue by selling coal deposits too cheaply. The Government has been criticized for allocating 155 valuable coalfields to about 100 private and some state-run miners instead of auctioning them off to the highest bidder. The content of reports is yet to be verified. If found correct, this could well turn out to be the mother of all scandals.