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Stock markets languish in the red
Mon, 16 May 01:30 pm

The benchmark indices in the Indian stock market continued to trade in the red in the last two hours of trade. Stocks from the auto, metal and realty sectors are trading weak, while those from the healthcare space are trading firm.

The BSE-Sensex is down 105 points while NSE-Nifty is trading 27 points below the dotted line. Both BSE Midcap and BSE Small cap indices are down 0.5% and 0.4% each. The rupee is trading at 45.03 to the US dollar.

Engineering stocks are trading mixed with Suzlon, Shanthi Gears and Opto Circuit leading the pack of gainers. However, Praj Industries and Kalpataru Power are trading weak. As per a leading financial daily, Larsen & Toubro (L&T) has received an order valued over Rs 35 bn for setting up a 3 x 360 MW gas based power plant at a village in Nagapattinam district of Tamil Nadu on EPC basis. The order has come from PPN Power Generating Company Ltd. that has Apollo Group as the main promoter. It was bagged by L&T under International Tariff Based Global Competitive bidding against competition from domestic and international power plant equipment manufacturers.

The three new units will come up as an expansion project in the same location where PPN Power Generating Company Limited is presently operating a 330.5 MW combined cycle power plant since 2001. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering. L&T will design and manufacture critical equipment for the plant and will also carry out project management, construction, installation and commissioning. The project will be executed by the Gas Based Power Projects Business Unit of L&T Power, based in Baroda. This is a positive for the company and will add on to its order book which in turn will provide revenue visibility in the future. But execution will remain the key. The stock of the company is trading in the green.

Software stocks are trading mixed as well with Geodesic, TCS and Zylog leading the pack of gainers. However, MASTEK and CMC Ltd are trading weak. As per a leading financial daily, 3i Infotech Limited ,a global information technology company, signed an agreement to sell its US-based Global Billing and Payments unit to an affiliate of Cerberus Capital Management, one of the world's leading private investment firms. The deal size is US$ 137 m. The transaction is expected to close within the next 60 days, subject to regulatory approvals. The stock of the company was trading in the red.

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