Indian equity markets started the day on a positive note and continued the upward trend as the day progressed. Markets extended gains in the afternoon session on back of buying witnessed in financial shares after the central bank raised overseas borrowing limits for lenders in a bid to prop up growth and boost the rupee. All the sectoral indices barring Realty, Auto and Consumer Durables ended the day in green. Banking, Oil and Gas and Capital Goods sectors were the leading pack of gainers. While the BSE-Sensex closed higher by 290 points, the NSE-Nifty closed higher by 87 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.
As regards global markets, Asian indices closed in the green. European indices have opened in the red. The rupee was trading at Rs 65.2 to the dollar at the time of writing.
According to a leading financial daily, Hindustan Petroleum Corporation Ltd (HPCL) has shelved the plan of setting up a second refinery in Maharashtra, at the cost of Rs 300 bn. The company has said that it is going ahead with its Rajasthan Refinery project instead, and would decide on the Maharashtra refinery only after the company receives some clarity from the government on the Western ghats report. The Western Ghats panel report specified the entire hill range as an ecologically sensitive area, classifying 142 taluks in the Western Ghats boundary into ecologically sensitive zones (ESZ) 1, 2 and 3.
According to a leading financial daily, Bharat Heavy Electricals (BHEL) has merged its wholly owned subsidiary Bharat Heavy Plate and Vessels Ltd (BHPV) with itself. This is part of the rehabilitation scheme approved by the Board for Industrial & Financial Reconstruction (BIFR). Through the merger, BHPV has become the 17th manufacturing unit of BHEL. The unit will now be named Heavy Plates and Vessels Plant (HPVP), Vishakhapatnam. The merger with HPVP, which has a good track record in the oil, steel, cement and fertiliser sectors, will help BHEL further diversify its product portfolio. HPVP will continue to manufacture compact heat exchangers for the light combat aircraft Tejas meeting all technical requirements mandated by the relevant military standards.