The Indian equity markets reported marginal gains in the post-noon session and closed the day on a flat note. The stocks from the FMCG and Power sector faced the maximum selling pressures today. Both BSE Mid Cap and BSE Small Cap indices closed the day on a positive note and were up by 0.5% and 0.3% respectively. The BSE-Sensex closed higher by 40 points and the NSE-Nifty was seen up by 14 points.
With respect to global markets, the Asian indices have closed on a mixed note while the European indices have opened weak today. The rupee was trading at Rs 62.05 to the dollar at the time of writing.
According to a leading financial daily, Bharat Heavy Electricals (BHEL), the state-run giant has bagged Rs 13 bn order from NTPC for equipment supply and installation work at the former's Unchahar plant in Uttar Pradesh. As per the company statement, BHEL has bagged main plant package contract for 500 MW thermal power plant of NTPC. BHEL's activities under the contract pans out from designing, engineering, manufacturing, supplying, erecting and commissioning of Steam Turbine Generator and their auxiliaries. Besides, certain civil work is also included in the scope of its activities. The key equipment for the project will be manufactured at BHEL's Trichy, Ranipet, Haridwar, Hyderabad, Bangalore and Bhopal plants. Whereas the erection and commissioning of the equipment will roll out in the company's power sector northern region. BHEL has established the capability to deliver power plant equipment of 20,000 MW per annum. The share was seen up by 1.3% today.
A leading news medium reports of the state-run power major Power Grid Corp of opening its share sale valued at US dollars 1.2 bn on December 3, 2013. Power Grid has filed for a follow-on offering of Rs 787 m shares or 17% stake with the market regulators. This process is set to revive the government's divestment programme. As per the management, proceeds to the government would be at about Rs 19 bn which represents 4% of the equity base, while the company will get about Rs 60 bn from sale of fresh equities. The company has proposed to sell about 602 m shares or 13% of the current equity base through this issue.
The company reported a revenue and profit growth of 28% YoY and 10% YoY respectively for the quarter ended September 2013. Further FPO details are awaited. Power Grid share was seen down by 1.1%.