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IT stocks lead the rally
Tue, 25 Oct 11:30 am

Indian stock market indices are trading strong over the last two hours of trade on the back of sustained buying activity across index heavyweights. IT and Banking stocks witnessed maximum buying interest while Consumer Durable and Realty stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 60 points, while the NSE-Nifty is up by 19 points. BSE Mid Cap and BSE Small Cap indices are down by 0.16% and 0.3% respectively. The rupee is trading at 49.67 to the US dollar.

Power stocks are trading in the red. Adani Power and Reliance Power are the biggest losers while Torrent Power and Tata Power are biggest gainers. According to a leading financial daily, Power Grid Corporation is planning to make an investment of Rs 1 tn to increase the inter regional transmission capacity to 65,000 mega watt (MW) during 12th Five Year Plan from the 28,000 MW in 11th Plan. The company is also planning to go global as an investor and developer of the transmission system. This will be the first project of this kind undertaken by the company. Power Grid has proposed to form a joint venture in Bangladesh and Sri Lanka for the setting up of an associated transmission lines to transmit power within the respective countries from the proposed power project planned by India's largest power generator National Thermal Power Corporation (NTPC). The company will make an investment of Rs 15 bn towards the project.

Energy stocks are trading strong led by Cairn india and Reliance. Gas authority of India limited (GAIL) has declared results for the quarter ended September 2011. The company has posted an increase of 19% in net profits on the back of higher gas trading volumes. Net profits were higher despite company's fuel subsidy pay out rising 38% YoY. The company also posted an increase in revenues of 20% YoY. Sales from petrochemical business were up 30%, while revenue from natural gas trading soared 20%. Revenue from natural gas transmission business was almost static at Rs 9.8 bn. GAIL is also planning to raise USD $300 m via external commercial borrowings (ECB) to fund its Rs 72 bn capital expenditure planned for this fiscal.

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Feb 16, 2018 (Close)