Indian stock market indices are trading strong over the last two hours of trade. Realty and Metal stocks witnessed maximum buying interest while Consumer Durable stocks witnessed maximum selling pressure.
Engineering stocks are trading in the green led by Ingersoll Rand and Alstom Projects. According to a leading financial daily, ABB is planning to invest Rs 2.5 bn towards setting up additional facilities in Savli near Vadodara in Gujarat. The new facilities will manufacture high voltage power products and transformers. The new transformers factory will manufacture vacuum cast coil dry-type transformers and oil immersed distribution transformers. The expansion is a part of ABB's strategy to develop, manufacture and market products that meet the needs of Indian customers as well as to serve as an export hub. The facility is expected to be operational by the end of 2012.
Aluminium stocks are trading strong led by Hindalco and National Aluminium Corporation Limited (Nalco). According to a leading financial daily, Hindalco Industries' 1.5 million tonne per annum (mtpa) Utkal alumina refinery is set to go into production by December this year. Around 85% of the construction work for the Rs 750 bn project has already been completed. Utkal Alumina project has already got clearance for mining of 8.5 m tonnes of bauxite at Baphilimali and Podingamali in Rayagada and Kalahandi districts respectively. The bauxite reserve in the mines, owned by the state-owned Odisha Mining Corporation (OMC), is estimated at around 200 m tonnes. The company aims to mine 4.5 mtpa initially to cater to the requirement of its alumina refinery. Initially, the plant would operate only at 50% capacity. It would take another six months for the plant to achieve full capacity utilization.