Indian stock market indices are trading flat over the last two hours of trade. IT and Banking stocks witnessed maximum buying interest while Oil and Gas and Realty stocks witnessed maximum selling pressure.
Engineering stocks are trading weak. EMCO Limited and Crompton Greaves are the biggest gainers while Alstom Projects and KSB Pumps are the biggest losers. According to a leading financial daily, ABB has won an order worth Rs 1.75 bn from Power Grid corporation of India to supply equipment for the Champa transmission substation in the central Indian state of Chhattisgarh. The Champa substation will be a pooling station receiving power at 765 and 400 kilovolt (kV). ABB will be involved in engineering, design, supply, installation and commissioning of the 765 kV and 400 kV switchyards, including the civil works. Key products to be supplied include circuit breakers, current transformers, capacitive voltage transformers, surge arrestors and protection, control and relay panels.
Energy stocks are trading in the red led by Oil India and Reliance Industries Limited. According to a leading financial daily, Oil and Natural Gas Corporation (ONGC) is planning to invest Rs 250 bn for the development of 11 marginal oil and gas fields by 2014. The projects are under various stages of development. The biggest among the projects is B-193 Cluster development which would yield 5.57 m tonnes of oil and 5.12 bn cubic meters of gas in 15 years. This project is scheduled to be completed by June, 2012. It is also investing in producing 2.46 m tonnes of oil and 6.56 bcm of gas from B-22 Cluster.