Indian equity markets continued to trade flat over the last two hours of trade. Capital goods and realty stocks witnessed maximum selling pressure, while pharma and FMCG stocks witnessed maximum buying interest.
Engineering stocks are trading in the red led by Pipavav Defence and Havells India. According to a leading financial daily, Bharat Heavy Electricals (BHEL) has commissioned a 5 Mega watt (MW) grid-connected solar power plant at Shivasamudram in Karnataka. The power plant has been set up for the state owned power producer Karnataka Power Corporation Limited (KPCL). The cost of setting up the solar power plant is Rs 620 m. For this project, BHEL's scope of work includes design, manufacture, supply, erection and commissioning of the solar power plant. In addition, BHEL will also operate and maintain the solar power plant for a period of three years. With the commissioning of this unit, the company has set a new record in its solar PV business in a single year, by commissioning 15 MW of solar power plants in various parts of the country during FY12, thus marking a significant contribution to the nation's green initiatives.
Automobile stocks are trading mixed with Bajaj Auto and Maruti Suzuki leading the list of gainers while Escorts and Ashok Leyland were the top losers. As per a leading daily, there is a demand-supply mismatch in Maruti's Swift and Dzire models. As per the management, the recent indefinite lockout of Manesar plant after violence in the factory is likely to hurt the production of these two models as they are mainly produced in Manesar. However, bookings for both the models have not been cancelled. In fact, the automobile company is still receiving booking orders for these models for which the waiting period is at least 3-4 months for the top end variants. We may note here that Maruti sold 55,216 Swift models between April and June this year, which is an increase of 68% over the corresponding period in the last financial year. Sales of DZire grew by 87% to 46,958 units.