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Power stocks light up Dalal Street
Mon, 22 Dec Closing

After trading in the marginally positive territory during post noon trading session, the Indian equity markets gained further ground and closed in the green. While the BSE-Sensex today closed higher by 330 points, the NSE-Nifty closed higher by 99 points. Midcaps and Smallcaps too closed in the green today. While the BSE Mid Cap index was up by 0.92% the BSE Small Cap index closed higher by 0.35%. Power and banking stocks were the biggest gainers today.

As regards global markets, Asian pack too closed strong today. The rupee was trading at Rs 63.25 odd levels to the dollar at the time of writing.

National Highways Authority of India (NHAI) had laid down a target to award 5,500 kms of road projects in FY15. 3,500 kms of projects were to be awarded under the engineering, procurement & construction (EPC) mode while 2,000 kms were aimed to be awarded on the build, operate & transfer (BOT) mode. However, the progress so far has been less than satisfactory. Till now, NHAI has awarded on 500 kms under the BOT mode while 2,500 kms of EPC projects are under bidding. Nonetheless, the authority is confident that it will be able to meet its target by the end of FY15. Going by the past record of numerous misses, we wouldn't be surprised if even this one too falls short.

Real Estate & Construction stocks have ended the day on a mixed note. Infrastructure major IVRCL closed the day in the green after it won orders worth Rs 12.55 bn in the water & irrigation space. The irrigation project worth Rs 10.22 bn is from the Government of Karnataka and is to be executed in a period of 24 months. The water division has bagged one order from BHEL worth Rs 1.37 bn which is to be executed in 27 months. The second order from the water division is worth Rs 956 m and it pertains to RR water supply scheme.

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