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Energy stocks lead markets higher
Mon, 27 Sep 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened above the breakeven mark and stayed firmly in the positive territory. Other key Asian markets are in the green with Indonesia (up 1.8%) leading the pack of gainers. The US markets ended higher by 1.9% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with energy majors attracting investors' interest. The BSE-Sensex is trading higher by around 140 points, while the NSE-Nifty is up by about 40 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.7% and 0.9% respectively. The rupee is trading at 45.21 to the US dollar.

Engineering stocks have opened the day on a strong note. Gainers here include Thermax and Ingersoll Rand. As per a leading business daily, BHEL's Tiruchy unit, which manufactures boilers, plans to set up a greenfield facility in Western India. A major reason for the possible shift from Tamil Nadu is that it is not able to acquire land for future expansion. Currently, around Rs 13 bn expansion plan is being implemented by the unit. It is expected to be completed by 2012. After the expansion, the Tiruchy unit will reach a physical capacity of 650,000 tonnes and a turnover of Rs 150 bn. Beyond this, the company has not been able to acquire land for expansion. It may be noted, BHEL had asked for additional 45 acre in the radius of around 6-8 kms, but the state administration is yet to respond.

Energy stocks have opened the day on a positive note. Gainers here include ONGC and GAIL. As per a leading business daily, the government will launch the ninth round of the New Exploration Licensing Policy (Nelp-IX) on October 18. It will see an auction of around 35 oil and gas blocks. Some of these blocks could be from the eighth round, for which no bids were received. It maybe noted that of the 70 blocks offered under Nelp-VIII last year, only 36 attracted bids. Nelp-IX is expected to be completed with the award of blocks in the last quarter of FY11. Interestingly, no coal-bed methane (CBM) blocks will be offered in this round. Also, it has not been decided whether gas discoveries under Nelp-IX will be eligible for the seven-year income-tax holiday that they received under Nelp-VIII.

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