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Indian equity markets continued to trade higher in the afternoon session amid firm global cues. At the closing bell, the BSE Sensex closed higher by 128 points, the NSE Nifty finished higher by 37 points. The S&P BSE Midcap finished up by 0.9% while the S&P BSE Small Cap finished up by 1%. Gains were largely seen in oil & gas, realty and pharma stocks.
Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.97%, while the Shanghai Composite led the Nikkei 225 lower. They fell 0.29% and 0.25% respectively. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1.48% while France's CAC 40 is up 1.04% and London's FTSE 100 is up 0.52%.
The rupee was trading at 67.17 against the US$ in the afternoon session. Oil prices were trading at US$ 45.49 at the time of writing.
Shares of Bharat Heavy Electricals Limited (BHEL) surged 3.2% in today's trade after it was reported that the company has successfully commissioned the third unit of the 4x40 MW Teesta Low Dam, Hydro Electric Project (HEP) Stage-IV in West Bengal. Teesta HEP is being set up by National Hydroelectric Power Corporation (NHPC), on the River Teesta. The fourth and final unit of the project is also in advanced stages of execution. As per the reports, power generation from the Teesta project will result in reduction of green-house gas emissions and will help in achieving a low carbon development path for the state as well as the nation.
The order for Electrical & Mechanical (E&M) works for four units of 40 MW each was placed on BHEL by NHPC. BHEL's scope of work in the project comprised design, manufacture, supply, installation and commissioning of complete E&M works including vertical shaft Kaplan Turbines and matching generators.
BHEL is presently executing Hydro Electric Projects of around 3,300 MW in the country which are under various stage of implementation. Other projects of NHPC currently under execution by BHEL are the 4x200 MW Parbati HEP Stage - II and 3x110 MW Kishanganga HEP. In West Bengal, BHEL is also executing the 3x40 MW Rammam Stage-III hydro-electric project of NTPC.
Significantly, more than 500 hydro generating sets with a cumulative capacity of more than 29,000 MW of various ratings have been contracted on BHEL in India and abroad. Of this, equipment for about 5,700 MW generating capacity has been contracted outside India.
Moving on to news from information technology sector. Shares of Wipro fell 1.8% today after the company posted a 6.72% decline in its net profit at Rs 20.58 billion for the quarter ended June 2016 as against a net profit of Rs 22.07 billion in the year-ago period.
Gross revenue rose 11.13% to Rs 135.99 billion for the June quarter from Rs 122.37 billion in the April-June 2015 quarter. The firm's IT services revenues saw a sequential growth of 2.6% to US$ 1.93 billion in the said quarter, meeting its revenue guidance of US$ 1.9 billion to US$1.93 billion.
For the July-September 2016 quarter, Wipro expects its IT services revenues to be within US$ 1.93 billion to US$1.95 billion.
IT stocks finished the day on a positive note with TCS and Oracle Financial Services leading the gains.
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