The BSE-Sensex is trading higher by 53 points and NSE-Nifty is trading up by 21 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.9% and 0.7% respectively. The rupee is trading at 54.01 to the US dollar.
Steel stocks are trading strong led by Steel Authority of India Limited (SAIL) and JSW Steel. As per a leading daily, SAIL's production of value added steel is up 4% this year as compared to previous year. The steel company manufactured more than 5 m tonne of special steel products. These products are meant for specific uses. The steel plant at Bhilai produced special soft iron magnetic plates for Bhabha Atomic Research Centre's (BARC) India-based Neutrino Observatory. The Bokaro and Salem plants rolled out IS 2062 E450 and E 350 Hot Rolled (HR) Coils which have been custom made for Indian Railways. Bhilai and Rourkela also made ASTM 537 plates used in pressure vessels in the petrochemical industry. Also, NACE quality plates were developed by SAIL's Bhilai plant. Bokaro plant made other products too used in the automobile industry.
Engineering stocks are trading strong led by ABB and Suzlon Energy. As per a leading daily, Bharat Heavy Electricals Limited (BHEL) is planning to invest Rs 13 bn in its R&D activities this financial year. We may note here that R&D expenses stood at Rs 12.48 bn last year which implied an increase of 4.1% over FY2011-12. As per the management, BHEL's in house production have resulted in turnover of Rs 96.43 bn. This is 19.3% of the overall company turnover. During 2012-13, BHEL recorded overall turnover of Rs 500.15 bn.