Indian share markets slipped further in the red in the post-noon trading session. Sectoral indices are trading mixed with IT and power being the biggest gainers whereas consumer durable and engineering are the major losers today.
Most of the energy stocks are trading in the green led by Gujarat State Petronet and Indraprastha Gas. However, Gujarat Gas and Petronet LNG are trading in the red. As per a leading financial daily, ONGC is set to unveil its Rs 100 bn power and gas production project in Tripura. Two power units of 726.6 mW capacity are ready and being synchronized to supply power to seven states in the north-east. The surplus 98 MW electricity may be sold on commercial terms to neighbouring state Bangladesh after approval from the centre. This is ONGC's biggest project at a single location in northeast India. The company invested in the power plant to utilize the gas produced from the field which cannot be transported to lack of infrastructure. The Tripura government and ILFS are the promoters in the project. ONGC stock is currently trading down 0.3%.
Majority of the engineering stocks are trading in the green with Kalpatru Power and Ingersoll Rand being the major gainers. However, Crompton Greaves and Honeywell Automation are a few stocks trading in the red. As per a leading financial daily, the promoters of Crompton Greaves have pared 8.5% stake in the company. The promoter Avantha Holdings had been looking to cut down its debt. And after this deal, Avantha's stake would come down from 41% to 32%. After the impending stock split, the promoters' stake would fall to its 25% target. Crompton Greaves stock is down 5%.