Majority of the energy stocks are trading in the green with Indraprastha Gas and Cairn India being the major gainers. However, Chennai Petroleum and Gas Authority Of India Ltd. (GAIL) are among the few losers. As per a leading financial daily, Directorate General of Hydrocarbons (DGH) wants Reliance Industries Ltd (RIL) to give up 86% of the KG-D6 gas block area. This includes 8 gas discoveries reportedly valued at USD$ 5 bn. The order comes in the light of RIL exceeding the time limit allotted for development of the gas block. RIL had earlier offered to relinquish 4,223 sq km in the eastern offshore KG-D6 block but DGH has asked it to contractually give up 6,601 sq km of the total 7,645 sq km area in the block. RIL stock is currently down 0.4%.
Engineering stocks are trading mixed with Siemens and Jain Irrigation leading among gainers and Bharat Bijlee and EMCO being the major losers. As per a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has won an order from state-owned thermal power generator Odisha Power Generation Corporation Ltd for its 1320 MW capacity expansion. The order valued at Rs 40.5 bn comprises supply of the main plant consisting of the boiler, turbine and generator at a price of Rs 37.5 bn and erection of the main plant at Rs 3 bn. The project is likely to be completed before March 2017. BHEL stock is currently up 1.1%.