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The Indian indices continue to remain under pressure during the post noon trading session. Barring metal stocks, major sectoral indices are trading in the red with capital goods & FMCG bearing maximum brunt.
The BSE Sensex is trading lower by 262 points (down 1%) and the NSE Nifty is trading lower by 66 points (down 0.8%). The BSE Mid Cap index is trading down 1.1% while the BSE Small Cap index is trading down by 0.9%. Gold prices, per 10 grams, are trading at Rs 31,880 levels. Silver price, per kilogram is trading at Rs 48,354 levels. Crude oil is trading at Rs 2,657 per barrel. The rupee is trading at 66.97 to the US$.
As per an article in The Economic Times, Larsen and Toubro Power, through its joint venture company L&T-MHPS Boilers Private Ltd, has bagged an order worth Rs 38.6 billion from Neyveli Uttar Pradesh Power Ltd.
The LMB pact comprises design, engineering, manufacture, supply, erection and commissioning of 3x660 MW Ghatampur Thermal Power Project in Uttar Pradesh.
Moreover, the company currently has nine orders for similar large capacity steam generators on the go. This totals to a 5940 MW capacity steam generators in the country from L&T power.
Meanwhile, it is also executing nine export orders for the supply of Pulverisers and Pressure parts for projects in Japan, and Indonesia, the reports noted.
Moving on to the news from metal sector. According to an article in a leading financial daily, National Aluminium Company (Nalco) is aiming to initiate work on extension of its alumina refinery at Damanjodi by February 2017. NALCO is awaiting environment clearance for expansion by December this year.
Reportedly, NALCO is adding a fifth stream of one million tonne incremental capacity to the refinery. Its present nameplate capacity is 2.3 million tonnes a year.
Further, the company will be sourcing bauxite from the mines in Koraput district to feed the refinery. In this regard, the government has also extended the validity of the mining lease till 2020 as per the Mines and Minerals Development & Regulation (MMDR) Act.
Madhu Gupta, Managing Editor of ResearchPro has shared a few insights on the aluminium industry. Click Here to know more.
Apart from this, NALCO is also looking at overseas foray. It recently entered into a memorandum of understanding with Iranian Mines & Mining Industries Development & Renovation Organization for toll smelting arrangement and for low-cost natural gas availability in that region.
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