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Indian markets continue to scale up
Mon, 9 Jun 11:30 am

After opening in the green the Indian indices have continued the upward trend in the last two hours of the trading session. All sectoral indices except oil and gas are trading in the green. Capital goods and Realty are leading the gainers.

The BSE-Sensex is trading up 200 points and the NSE-Nifty is trading up 73 points. The BSE Mid Cap index is trading up 1.2%, while the BSE Small Cap index is trading up 1.7% today. The rupee is trading at 59.1 to the US dollar.

Most of the Telecom stocks are trading higher today. Reliance Communication and Tata Teleservices are leading the gainers. According to a leading business daily; India's third largest telecom firm Idea Cellular, has successfully completed raising funds via a Qualified Institutional Placement (QIP). The QIP was of an amount of Rs 30 bn at a floor price of Rs 136.98 per share. The issue received significant interest from financial institutions and was oversubscribed about three times. The company has raised the funds in anticipation of telecom auctions later this year. The company does not need the funds to pare down its debt as it generates sufficient cash from operations to service the same. Idea Cellular is trading up 3% today.

Most of the Power stocks are trading positive today. PGCIL and Reliance Infrastructure are leading the gainers. As per a leading business daily; NTPC has invited bids for construction of the 1,320-MW Khargone thermal project in Madhya Pradesh; estimated to cost Rs 70 bn. The bids are for an EPC (Engineering Procurement and Construction) package. The plant will have two units, each having a generation capacity of 660 MW. The company will fund the project through External Commercial Borrowings (ECB) and own resources as per the tender document issued recently. The contract award will be through international competitive bidding process having two stages i.e. techno-commercial bids and price bids. The utility has total 4,800 MW capacity in Madhya Pradesh of which some are under construction. Overall, NTPC has an installed generation capacity of 43,108 MW; which comprises of about 30% of the India's overall electricity generation. NTPC is trading flat today.

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