Indian equity markets had a rather volatile trading session today. The indices began the day's proceedings on a weak note and the morning saw them largely languishing in the red. Buying thereafter intensified to push the indices above the dotted line although trading remained largely rangebound. While the BSE-Sensex today closed higher by 22 points, the NSE-Nifty closed higher by 4 points. Both the BSE Mid Cap index and the BSE Small Cap index closed marginally into the positive. Gains were largely seen in oil and gas and metal stocks.
As regards global markets, Asian indices closed in the red today while European indices have also opened weak. The rupee was trading at Rs 56.42 to the dollar at the time of writing.
Engineering stocks closed mixed today. While Voltas and Larsen & Toubro (L&T) closed firm, Blue Star and Crompton Greaves were at the receiving end. As per a leading business daily, L&T has bagged a contract from the Saudi Arabian oil company Saudi Aramco for setting up gas processing facilities. This includes the Midyan gas facilities with a capacity to treat 75 million standard cubic feet per day of gas and 4,500 barrels per day of condensate as well as laying of gas and condensate product pipelines. The project is scheduled to be completed in 37 months. It must be noted that for FY13, L&T's order inflow stood at Rs 880 bn, a growth of 25% YoY. The total order book at the end of the year stood at Rs 1,536 bn. 49% of the backlog belonged to the infrastructure sector while 28% belonged to the power sector.
As per a leading business daily, Tata Consultancy Services (TCS) and Cognizant Technology Solutions have bagged a deal from UK's Network Rail to provide a wide range of software and system integration services. Network Rail owns and operates Britain's railway infrastructure, which includes the tracks, signals, tunnels and railway stations. This is said to be a part of Network Rail's plan of investing in a customer-centric IT strategy over the next four years. Although the financial aspect of the deal has not been divulged, TCS' deal size is expected to be worth over GBP 350 m. It must be noted that TCS ended FY13 on a positive note with sales and net profits growing by 29% YoY and 31% YoY respectively. Under prevailing volatile conditions, the pricing situation remained stable throughout the year. As a result of this practically all the volume growth for the company got translated into revenue growth. The stock closed higher today.