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Realty, Oil & Gas Lead Gains
Mon, 27 Jun 01:30 pm

After opening the day on a flat note, Indian Indices are trading in the green during the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the realty and oil & gas sectors leading the gains. IT stocks are however trading in the red.

The BSE Sensex is trading higher by 56 (up 0.2%) and the NSE Nifty is trading up by 23 points (up 0.3%). The BSE Mid Cap index is trading higher by 0.9% while the BSE Small Cap index is trading higher by 1.6%. Gold prices, per 10 grams, are trading at Rs 31535 levels. Silver price, per kilogram, is trading at Rs 42309 levels. Crude oil is trading at Rs 3255 per barrel. The rupee is trading at 67.84 to the US$.

Stocks in the paint sector are trading on a mixed note with Asian Paints and Berger Paints witnessing maximum selling pressure. As per an article in The Economic Times, Asian Paints Ltd has decided to revise the capacity of the proposed manufacturing unit for paints and intermediaries. The units will be set up in Visakhapatnam district of Andhra Pradesh and Karnataka.

The investment is valued at Rs 40 billion. The approximate amount that would be invested by the company including the cost of land would be Rs 17.8 billion.

Reportedly, the company re-looked at its product portfolio to be manufactured at the plant and decided to raise its capacity to 5,00,000 kilolitres from 4,00,000 kilolitres p.a. However, the company stated that short term demand conditions still remain uncertain in the financial year 2016-17.

In its results for the fourth quarter ended March 2016, the company's net sales from operations grew at 12.3% YoY. (Subscription Required).

The scrip of Asian paints was trading down by 0.8% while writing.

Moving on to the news from engineering sector. Shares of Larsen & Toubro Ltd were trading up by 1.4% as its construction arm won orders worth Rs 24.2 billion.

L&T said that the building & factories business of its construction arm won orders worth Rs 11.6 billion, power transmission & distribution business bagged orders worth Rs 11.2 billion and smart world and communication business won orders worth Rs 1.3 billion in June 2016.

Further, the company has bagged an order from a reputed customer in the Middle East, which includes construction of a medium voltage overhead line. The company said that it will enhance the reliability of the existing network.

On the domestic front, it received orders from Paschimanchal Vidyut Vitaran Nigam Limited (PVVNL) in Uttar Pradesh.

As per the March quarter results of the company, consolidated revenue from operation has grown by 10.14% YoY in FY16. (Subscription Required). Whereas the consolidated profit has grown by 12.25% YoY in FY16.

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Jan 18, 2018 09:51 AM