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Indian stock markets open flat
Tue, 15 May 09:30 am

Asian stock markets have opened the day on a mixed note. On one hand, markets in Korea (down 1.5%) and Japan (down 1.3%) are witnessing selling pressure. On the other hand, markets in Singapore (up 0.2%) and Hong Kong (up 0.1%) are seeing buying interest. The Indian stock markets have opened the day on a flat note with a negative bias. Stocks in the capital goods and metals are witnessing gains while those in auto and healthcare are witnessing losses.

The BSE-Sensex is down by around 3 points (0.02%), while the NSE-Nifty is down by around 10 points (0.2%). Mid and small cap stocks are trading in the red as well with the BSE Mid cap and BSE Small cap indices down by around 0.08% and 0.3% respectively. The rupee is trading at Rs 53.78 to the US dollar.

Engineering stocks have opened the day on a mixed note with SKF India and Bharat Electricals Ltd trading in the green while Thermax India and Praj Industries have opened the day in the red. As per a leading financial daily, Bharat Heavy Electricals Ltd. (BHEL) has bagged an order for setting up a 160 Megawatt (MW) Combined Cycle Power Plant (CCPP) plant in Rajasthan from Rajya Vidyut Utpadan Nigam Limited (RRVUNL). The contract is worth Rs 3.8 bn and is the expansion project (Stage IV) of Ramgarh power plant in Jaisalmer district of Rajasthan. The company's scope of work includes design, engineering, manufacture, supply, erection and commissioning of the main plant and providing equipment for the Gas-based power project. Separately, another unit of BHEL - Industrial Systems Group (ISG) has bagged an order worth Rs 3.1 bn from National Thermal Power Corporation (NTPC) for handling plant package for the Meja thermal power project in Uttar Pradesh. The scope of work envisages mechanical, civil, structural and electrics and all related auxiliary facilities.

Energy stocks have opened the day on a negative note with Petronet LNG and Oil & Nautral Gas Corporation (ONGC) trading in the red. Indraprastha Gas Limited (IGL) has announced its results for the quarter ending March 2012 (4QFY12) and full financial year 2011-2012 (FY12). The company reported 1 7% year on year (YoY) increase in the bottom-line for the quarter. At top line level, the company registered 41% YoY growth. This came on back of an 18% YoY sales volume growth. Out of this, the sales volume in Compressed Natural Gas segment (CNG) came at 15 % YoY, while piped gas sales (PNG) recorded a 33% YoY growth. The operating profit registered a 23.5% YoY growth during the quarter. For full year, the top line and bottom-line registered a growth of 44% YoY and 18% YoY respectively.

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