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After opening positively, the Indian indices stood firm and continued to trade in the green. Sectoral indices are trading on a mixed note with stocks from the metal and telecom sectors leading the gains.
The BSE Sensex is trading up 242 points (up 1%) and the NSE Nifty is trading up 71 points (up 0.9%). The BSE Mid Cap index is trading up 0.3% while the BSE Small Cap index is trading up by 0.6%. Gold prices, per 10 grams, are trading at Rs 25,225 levels. Silver price, per kilogram is trading at Rs 34,205 levels. Crude oil is trading at Rs 2,432 per barrel. The rupee is trading at 66.22 to the US$.
Telecom stocks are trading on a positive note with ADC India Communication and Tata Teleservices leading the gains. As per a leading financial daily, Idea Cellular is going to make its foray into 4G services today starting with Mysore. Added to that, the company will also launch service in several other Tier-II towns in Andhra Pradesh, Kerala and Tamil Nadu.
This goes in line with the company's strategy to provide data services to semi urban or smaller towns, ever since it launched 3G services three years ago. As stated, the Aditya Birla group has initially switched on 1,000 sites at which the 4G signal will be made available. Earlier this year, the company had advanced its 4G launch plans as it was of the view that the ecosystem for the technology has progressed faster than it was conceived even at the start of 2015.
The company's management in September had stated that it would launch a majority of its 4G services by mid-2016. The company is said to be on track for that deployment.
Idea Cellular is a leading GSM mobile services operator in India. The company is a pan India integrated GSM operator covering the entire telephony landscape of the country. Presently the company's stock is trading up by 0.2%.
Stocks in the engineering space are trading mixed with BHEL and Opto Circuits witnessing maximum buying interest. As per an economic daily, Larsen & Toubro's (L&T) subsidiary- L&T Construction has won orders worth Rs 12 billion across various businesses during December 2015. Under Metallurgical & Material Handling business, the company has secured orders worth Rs 6.6 billion. The company's subsidiary- Larsen & Toubro (Oman) LLC has won an EPC (Engineering Procurement Construction) order worth US$ 63.6 million. The same is received from Oman Oil Refineries and Petroleum Industrial Company (ORPIC) for a Pet Coke Handling and Storage project. Further, it has also secured an EPC order from the world's largest integrated producer of zinc for the construction of a 1.5 MTPA Lead-Zinc Ore Beneficiation Plant in Rajasthan.
Under Power Transmission & Distribution business, the company has won orders worth Rs 5 billion in both the international and domestic markets.
In the international market, Larsen & Toubro Saudi Arabia LLC, a fully owned subsidiary of L&T, has bagged an order valued at SAR 212 million (US$ 56.6 million) for the construction of two 115 kV substations at the Dammam area. The same is received from National Grid, Saudi Arabia - a subsidiary of Saudi Electricity Company. These projects are in the eastern province of Saudi Arabia and are scheduled to be completed in 22 months.
As for the domestic markets, the company's solar business has bagged 25 MW (mega watt) of solar capacity on EPC basis from a reputed solar developer. This capacity addition shall be in the southern part of India where the solar industry is an area of focus.
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