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After opening the day on a flat note, the Indian indices lost ground and are trading in the red. Sectoral indices are trading on a mixed note with stocks from the healthcare space leading the losses and stocks in automobile sector leading the gains.
The BSE Sensex is trading down 85 points (down 0.3%) and the NSE Nifty is trading down 19 points (down 0.2%). The BSE Mid Cap index is trading down by 0.4% and the BSE Small Cap index is trading down by 0.6%. The rupee is trading at 66.52 to the US$.
Stocks in the engineering space are trading on a mixed note with Sanghvi Movers and Kalpataru Power leading the losses. As per a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has successfully commissioned the second 40 megawatt (MW) hydropower generating unit at the Teesta low dam hydro electric project (HEP) stage IV in West Bengal. This comes just a month after the commissioning of the first 40 MW hydro electric generating unit by the company for the same project.
Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC) on the river Teesta. The order for Electrical & Mechanical (E&M) works of four units of 40 MW each was placed on BHEL by NHPC. BHEL's scope of work in the project consists of design, manufacture, supply, installation and commissioning of complete E&M works including vertical shaft Kaplan Turbines. The equipment for this project is supplied by BHEL units at Bhopal, Jhansi, Rudrapur, Mumbai & Bengaluru. Further, the execution of work on site is being carried out by the company's power sector eastern region.
For NHPC, BHEL is also currently executing the 4x200 MW Parbati HEP Stage-II in Himachal Pradesh and the 3x110 MW Kishanganga HEP in Jammu and Kashmir.
Significantly, hydro generating sets of more than 29,000 MW of various ratings have been contracted on BHEL in India and abroad. In India, the company has so far commissioned nearly 400 hydro generating sets of various ratings with a cumulative capacity of around 20,000 MW.
One shall note that BHEL has bagged orders worth Rs 120 billion in the March quarter so far. This includes orders from the state electricity boards (SEBs) from which the company is witnessing a spate of orders. The company seems to clock further order growth on this front in the coming days. For our latest view on the stock, please visit here (subscription required).
Presently the stock of the company is trading down by 1.6%.
As per a leading financial update, Wipro has entered into a five-year partnership with Jubilant FoodWorks, the country's top food service company. The partnership aims to deliver energy management services and help reduce Jubilant FoodWorks energy and operational costs.
The management of Wipro has stated that the company will include analytics and IoT (Internet of Things) technologies to improve various aspects like food safety and guest experience in order to reduce overall maintenance costs and help in maintaining Jubilant FoodWorks' market leadership position in India.
One shall note that the Eco-Energy business of Wipro rolled out its multi-year Managed Restaurant Energy Services (MRES) program last year. The program ensures effective sustenance of energy costs reduction by a three-pronged restaurant energy control approach.
Wipro is a global information technology, consulting and outsourcing company. It operates with 1,70,000+ workforce and serves clients in 175+ cities across 6 continents. Presently the stock of the company is trading down by 0.9%.
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