Indian share markets continued to trade in the positive during the last two hours of trade after opening on a firm note earlier today. Sectoral indices traded firm with realty and banking stocks being the top gainers.
The BSE-Sensex is trading higher by 230 points and NSE-Nifty is trading higher by 68 points. BSE Mid Cap and BSE Small Cap indices are trading up by 0.9% and 0.7% respectively. The rupee is trading at 55.73 to the US dollar.
IT stocks are trading in the green led by Moser-Baer India and Infosys. As per a leading daily, the proposal to install 6,000 CCTVs in Mumbai has received bids from 31 bidders including the Tata group, Wipro, IBM, Reliance Industries, Reliance ADAG, L&T, CMC and Siemens. These CCTVs will be installed at both private and public locations, including malls and hotels. Earlier the state government had cancelled the previous requests for proposals (RFP) citing technical issues and invited fresh RFPs. The government is now slated to meet these bidders and answer their queries regarding the formation of consortium, nature, and operation of bandwidth and transmission. The bidders will then be asked to submit technical bids. These bids will be scrutinised by a technical committee comprising IT experts and IIT-Mumbai director. Finally, the government is aiming to award tender to the lowest bid by February.
Steel stocks are trading strong led by Jindal Saw Limited and Jindal Steel. According to a leading financial daily, Tata Steel is expected to commission Phase-I of its Kalinganagar plant by August 2014. According to the management, construction work on the plant is going on in full flow. The 6 m tonne steel plant will initially start with a capacity of 3 m tonnes. The plant would focus only on flat steel products required by the automotive industry and white goods sector. This first phase would involve an investment of Rs 250 bn. Also, Tata Steel had lined up two projects at the Gopalpur industrial park with an investment of Rs 10 bn.