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Sensex Finishes Up by 195 Points; L&T Drops 1.4% ahead of Q2 Numbers
Tue, 22 Nov Closing

Indian share markets witnessed buying activity in the afternoon session on firm global cues. Sentiments also remained positive as oil prices rose to their highest level since October in anticipation of OPEC-led output cut. At the closing bell, the BSE Sensex stood higher by 195 points, while the NSE Nifty finished up by 73 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap bucked the weak trend and finished up by 1.4% and 1.2% respectively. Gains were largely seen in metal and realty sectors.

Asian markets rallied and finished broadly higher today with shares in Hong Kong leading the region. Japanese shares turned positive in afternoon session after damage from an earthquake appeared moderate. The Hang Seng is up 1.43% while China's Shanghai Composite is up 0.94% and Japan's Nikkei 225 is up 0.31%. European markets too are broadly higher today with shares in France leading the region. The CAC 40 is up 1.41% while London's FTSE 100 is up 1.01% and Germany's DAX is up 0.70%.

The rupee was trading at 68.23 against the US$ in the afternoon session. Oil prices were trading at US$ 49.08 at the time of writing.

Vedanta's share price surged 4.9% in today's trade after it was reported that the company has received board's approval to raise Rs 300 crore through issue of Secured Redeemable Non-Cumulative Non- Convertible Debentures (NCDs) of face value of Rs 10 lakh each.

The tenure of the NCDs is 3 years and 5 months from the date of allotment, while date of maturity is April 22, 2020. Crisil has assigned 'AA-/Stable' rating to the said instrument.

In another development, the company is looking at increasing its captive power generation capacity (Subscription Required) by 1,200 megawatt (MW) amid rising production. The company is considering setting up 350-MW super-critical units in joint ventures at its different production bases in the country.

The company is also looking at offering excess land at manufacturing units as equity in setting up thermal power units under joint venture with third parties.

Reportedly, Vedanta has already invited an expression of interest and is evaluating the pros and cons of various models. Around 3,554 MW of the total capacity, meant for commercial sale, is running at around 70%.

Vedanta has an electricity generation capacity of nearly 9,000 MW of which 200 MW comes from wind and the rest from thermal. Nearly 60% of the 9,000 MW is for captive use and the remaining is sold in the market. The company's capacity utilization has risen with the rise in production.

Mining stocks finished on a firm note with NMDC Ltd and Vedanta Ltd leading the gains.

Moving on to news from engineering stocks. According to a leading financial daily, Larsen & Toubro's (L&T) construction arm - L&T Constructions has bagged orders worth Rs 19.26 billion across its various business segments. Under, Power Transmission & Distribution, the business has secured orders worth Rs 5.71 billion. The business continued its winning streak by garnering electrification works orders under the Integrated Power Development Scheme (IPDS) and Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY) schemes of the Government of India. It has also bagged a major order from Odisha Power Transmission Corporation (OPTCL) for turnkey electrification works in five circles of WESCO utility area in Odisha.

Under Building & Factories, the business has bagged an order worth Rs 5.14 billion for the construction of a medical college and a 500-bed hospital from Bihar Medical Services & Infrastructure Corporation, Bihar. The scope of the work includes civil, MEP, para medical equipment, furniture and external development.

Under Water & Effluent Treatment, the business has secured orders worth Rs 3.97 billion. An engineering, procurement and construction order has been bagged from the Rural Water Supply & Sanitation Board, Government of Odisha, to provide piped water to the rural areas of Balasore, Bhadrak, Puri, Bolangir and Keonjhar districts.

In Metallurgical and Material Handling, it has bagged orders worth Rs 2.98 billion, while under Civil Infrastructure Business; it has won an Engineering, Procurement and Construction order worth Rs 1.46 billion in the special bridges sector from a prestigious client.

Meanwhile, share price of L&T finished down by 1.4% on the BSE ahead of Q2 numbers.

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