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Indian indices trade higher
Thu, 5 Sep 11:30 am

After a good start, the Indian stock markets are trading in the green during the morning session. Banking and FMCG stocks leading the gainers while IT stocks are trading subdued.

The BSE Sensex is up 405 points and the NSE-Nifty is trading up 135 points. The BSE Mid Cap index is trading up 1.3% and the BSE Small Cap index is trading up 0.9% The Rupee is trading at 66.13 to the US Dollar.

Most of the IT stocks are trading lower today. Infosys and TCS are among the top losers. HCL Tech has informed the exchanges that it has been selected by Direct Energy, a leading energy and energy Services Company in North America, to implement and manage its residential billing and customer care operations in its Alberta market in Canada. Under the contract HCL Tech will provide SAP based solutions to Direct Energy, which will include infrastructure hosting, application management and business process services. HCL Tech will aim to improve efficiency for Direct Energy and deliver cost savings for its customers. The size of the contract was not disclosed.

HCL Tech, unlike TCS and Wipro does not have a strong presence in the Energy and Utilities industries currently. However it does have strong domain expertise in SAP and has executed such transformational projects in the past. HCL Tech is trading down 1.8%.

Power stocks are trading in the green today. Jaiprakash Power and Adani Power are leading the gainers. According to a leading business daily; Power Grid Corporation of India Ltd (PGCIL) has approached the Central Electricity Regulatory Commission (CERC) seeking cancellation of two power transmission lines projects awarded to Reliance Infrastructure. The projects are Talcher-II transmission system and North Karanpura transmission project. These projects are worth Rs 41 bn and were awarded in 2010. These two projects are among the first ultra mega transmission projects awarded to private companies. The 592-km long Talcher-II transmission project was to cover Orissa and Andhra Pradesh. It was scheduled to be operational by October 2012. The 1,045-km-long North Karanpura transmission line, which was to connect Madhya Pradesh, Chhattisgarh, Uttar Pradesh and Haryana, was supposed to be operational by November 2013. Since Reliance Infrastructure has not yet begun work on these projects; the delay is affecting construction of other transmission lines by PGCIL. PGCIL is trading up by 2.5% .

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