Indian indices traded in the green on the back of buying interest in heavy weights over the last two hours of trade. Stocks from the realty and auto sectors are trading firm, while stocks from the IT and consumer durable space are trading weak.
The BSE-Sensex is up by 42 points while NSE-Nifty is trading 12 points above the dotted line. BSE Midcap index is up by 0.3% while BSE Small cap index is trading 0.6% above yesterday’s closing. The rupee is trading at 45.17 to the US dollar.
Energy stocks are trading mixed with Gujarat State Petronet and Reliance industries trading firm while Petronet LNG and BPCL are trading weak. As per a leading financial daily, Petronet LNG (PLNG) has launched a pilot project in Gujarat under which the company is taking LNG to customer’s doorsteps. This marks the transformation of PLNG from being an importer and regassifier of LNG to a marketer of LNG. A hotel in Vadodara has agreed to source gas directly from the company’s terminal at Dahej. Under the pilot project, the hotel will put up the infrastructure such as a dispensing unit. As per PLNG, the company is looking at directly marketing gas in areas not serviced by the company’s promoters. At the moment PLNG has several requests for direct supply, which the company will evaluate in the future. PLNG is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways. While regassified LNG is considered expensive by fertilizer and power companies, there are several consumers in the industry who want to move away from more expensive fuel like diesel and naphtha.
Engineering stocks are trading mixed with Punj Llyod and ABB Ltd leading the pack of losers. However, Bharat Bijlee and Elecon Engineering are trading strong. As per new reports, Chennai Metro Rail Ltd has awarded contract for power supply and overhead equipments to Siemens Ltd for Rs 3 bn. The contract includes design, supply, installation, and commissioning of complete power supply systems. The contract also includes setting up of three auxiliary sub-stations for supply of power. The sub-stations will be gas insulated ones for higher reliability. The entire power supply system will be monitored through Supervisory Control and Data Acquisition System (SCADA). Besides this, the contract also includes a provision for comprehensive maintenance till two years after completion of the project.