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IT Stocks Under Stress
Fri, 22 Jul 01:30 pm

After opening the day flat, Indian Indices are trading marginally higher during the post noon trading session. Barring IT stocks, major sectoral indices are trading in green with stocks from the power and infrastructure leading the gains.

The BSE Sensex is trading higher by 96 points (up 0.4%) and the NSE Nifty is trading higher by 31 points (up 0.4%). The BSE Mid Cap index is trading higher by 0.8% while the BSE Small Cap index is trading higher by 0.8%. Gold prices, per 10 grams, are trading at Rs 30,886 levels. Silver is trading at Rs 46,370 levels per kilogram. Crude oil is trading at Rs 2,995 per barrel. The rupee is trading at 67.15 to the US$.

As per an article in The Economic Times, National Hydroelectric Power Corporation Ltd (NHPC) and Bharat Heavy Electricals Ltd (BHEL) have signed a memorandum of understanding (MOU) to undertake hydropower projects in overseas markets.

According to the MoU, NHPC will look at civil packages, while BHEL will be handling the electro-mechanical packages.

Recently, BHEL has also 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 NHPC, on the river Teesta.

BHEL is executing several hydro electric projects of around 3,300 MW which are under various stages of implementation. Generation from the project will help reduce green-house gas emissions and attain a low carbon development path for both West Bengal and the entire nation, reports stated.

Moving on to some news from the banking sector... According to a leading financial daily, Kotak Mahindra Bank has received board approval to raise capital by issuing bonds.

The Bank's board of directors has approved the proposal for issuance of unsecured, redeemable, non-convertible debentures up to Rs 50 billion.

The announcement comes a day after Kotak Mahindra declared its first quarter results of FY17.

Reportedly, the Bank's June-quarter profit more than doubled from a year ago as it earned more interest income and collected higher fees and commissions.

The bank reported a net profit of Rs 7.4 billion and total income during the period also rose to Rs 51.2 billion as against Rs 45.8 billion in the year ago period.

Shares of Kotak Mahindra are trading marginally higher, up by 0.2%.

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