Indian stock market indices continued to trade strong over the last two hours of trade on the back od sustained buying activity across index heavyweights. All sectoral indices are trading in the green except for Capital goods. IT and Technology stocks are seeing maximum buying interest.
Engineering stocks are trading weak led by Elgi Equipments and Cummins India. As per a leading financial daily, Siemens has signed a deal with Reliance Industries to jointly develop security solutions for homes. RIL's subsidiary Reliance Security Solutions signed a Memorandum of Understanding (MoU) to devise such solutions for safe, secure and smart cities and highways in India. The market for security solutions in India is said to be growing at a substantial rate. It may be noted that terrorist activities have made such intelligent security systems a necessity. RIL and Siemens aim to come together to provide video security solutions. Siemens Building Technoogies, a division of Siemens produces "Siveillance", an advanced security system. It provides security for infrastructure, cities and the people living in these.
Energy stocks are trading firm except for Oil and Natural Gas Corporation Ltd. (ONGC) and Oil India. According to a leading financial daily, Bharat Petroleum Corporation Ltd. (BPCL), India's second largest oil marketing company, is planning to enter the pharmaceutical segment in order to diversify its business portfolio. The company will make an investment of Rs 400 bn over the next five years which involves not only strengthening its existing business like expansion of refining business, but also diversifying into newer areas such as pharmaceuticals. They are also planning to set up a pharmaceutical complex with an investment of Rs 50 bn over the next five years to focus on those products which are currently being imported. The company is also currently in talks with several foreign players who might be interested in sharing technology with it and also pick up equity stake in the project.