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Oil and Gas stocks lead the rally
Fri, 7 Sep 11:30 am

Indian equity markets continues to trade strong over the last two hours of trade on back of heavy buying activity witnessed across industry heavyweights. Metal and Oil and Gas stocks witnessed maximum buying interest.

The Sensex today is up by 311 points, while the NSE-Nifty today is up by 91 points. BSE Mid Cap index and the BSE Small Cap index are up by 1.29% and 1.10%. The rupee is trading at 55.52 to the US dollar.

Auto stocks are trading in the green led by Tata Motors and Bajaj Auto. According to a leading financial daily, Mahindra and Mahindra is planning to bring a compact crossover utility vehicle (CUV) in 2015 in the Indian market. Currently the company is developing two new platforms in association with Korean subsidiary Ssangyong Motor Corporation. A new vehicle is being developed on the X100 platform. The company has declined to share the specifications of the CUV. However, industry sources indicated it is likely to be powered by a 1.6-litre diesel engine, and would take on the likes of Renault Duster and Ford Ecosport. Overall, the company would add on three to four completely new vehicles to its portfolio over the next three years. The company is also considering commencing assembly operations for Mahindra products in Russia over the next two years

Engineering stocks are trading strong led by Everest Kanto Cylinder and Elecon Engineering. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) will be supplying power equipments to Generation Corporation of Andhra Pradesh Ltd (AP Genco). The state run power equipment maker assured AP Genco of timely supply of turbines for 2,800 MW of expansion projects. The supplies will include boilers, turbines and generators. We may note here that shortage of gas supply from KG basin had deteriorated the demand-supply mismatch in the state. AP Genco is executing several projects in Andhra Pradesh which include Kakatiya thermal power plant, Krishnapatnam thermal power station and Rayalaseema thermal power station.

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