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The Indian markets had a rather volatile trading session today. The morning session saw the indices surge, while in the afternoon session, the indices barely stayed afloat. However, buying activity picked up in the final trading hour leading to a positive close. The BSE Sensex closed higher by about 45 points, while the NSE Nifty ended flat. Gains were largely seen in Oil & Gas and Automobile stocks. The S&P BSE Small Cap index ended the day in red (down 0.13%), while the S&P BSE Midcap index did better and closed higher by around 0.4%.
Asian markets finished higher today with shares in China leading the region. The Shanghai Composite is up 0.85%, while Japan's Nikkei 225 is up 0.58% and Hong Kong's Hang Seng is up 0.36%. European markets are broadly trading higher today with shares in Germany leading the region. The DAX is up 1.61%, while France's CAC 40 is up 1.36% and London's FTSE 100 is up 0.59%. The rupee was trading at 66.37 against the US$ in the afternoon session.
According to a leading financial daily, Bharat Heavy Electricals (BHEL) has commissioned a 660 MW coal-based supercritical thermal unit in Uttar Pradesh. The unit has been commissioned at the upcoming 3x660 MW Prayagraj Super Thermal Power Project (STPP) at Bara in Allahabad district of Uttar Pradesh. This is the first supercritical thermal unit in Uttar Pradesh to achieve capacity addition on attaining full load.
Supercritical units are more efficient, consume lesser coal and are also eco-friendly. BHEL-supplied supercritical sets have reportedly already been commissioned at 2x660 MW Barh Stage-II (Boilers and Turbines) and at the 2x800 MW Krishnapatnam (Boilers). BHEL has already commissioned 4,410 MW of power plants in the utility sector during the financial year 2015-16 and is on track to achieve the target set by the government for the year. During the first half of FY16, BHEL secured Rs 220 billion of orders compared to Rs 140 billion during the first half of FY15, a 57% YoY growth (Subscription Required).
The thermal units executed by BHEL will significantly improve the power availability in the state of Uttar Pradesh. BHEL is the leading power equipment manufacturer in the country with 43 sets of supercritical boilers and 38 sets of supercritical turbine generators ordered on it by various customers.
Global economic crisis and the Chinese slowdown has dealt a heavy blow to demand for Indian engineering products. India's engineering exports to its neighboring countries, including China, have seen a massive fall in August 2015. The scrip of BHEL finished the trading day on a negative note (down 1.5%) on the BSE. It is to be noted that the stock price of BHEL has dropped 26% in the last 3 months.
Shares of Infosys finished the trading day on a positive note after it was reported that the company has launched solar PV power plant of 6.6 MW capacity at its Pocharam campus in Telangana. Infosys campus in Pocharam will be one of the first corporate campuses in India that will be run completely by renewable energy along with the existing 0.6 MW capacity rooftop solar plant.
Reportedly, the plant will have a total capacity of 7.2 MW and has been successfully synchronized with the grid. It is expected to generate 12 million kWh per annum. This initiative is expected to reduce the company's CO2 emissions by 9,200 tons. Currently, the company has installed 12 MW solar power plants (onsite) across its campuses and another 3 MW is expected to be completed within the next two months. The company recently reported an 8.9% QoQ growth in sales and a 12.1% QoQ growth in the net profit (Subscription Required).
Infosys is a global leader in consulting, technology and outsourcing solutions. It is to be noted that the company enables clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition.
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