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Indian markets trade flat
Tue, 24 Feb 11:30 am

Indian markets shed initial gains opening in the green. Sectoral Indices are trading on a mixed note. FMCG and IT stocks are the leading gainers while oil and gas and metal stocks witnessed maximum selling activity.

The BSE-Sensex is down by 20 points while NSE-Nifty is down by 6 points. BSE Mid Cap index and BSE Small Cap index are trading down by 0.6% each. The rupee is trading at 62.18 to the US dollar.

Stocks in the power sector are trading mainly in the red. KSK Energy and Gujrat Ind. Power are the leading losers while Reliance Power and Power Grid were witnessing gains. As per a leading financial daily, Tata Power has signed a Memorandum of Understanding with Siberian Coal Energy Company (SUEK) to identify and evaluate opportunities in energy sector in Russia. As part of the agreement, both Tata Power and SUEK will cooperate on identifying and targeting opportunities in the energy sector in Russia and other geographies of common interest in order to develop mutually beneficial transactions. Tata Power generates about 8,621 MW of power of which 7,407 MW is from thermal power generation. Reportedly, the SUEK delivers coal to more than 30 countries all over the world.

Engineering stocks are trading mixed. Suzlon Energy and Blue Star are the leading gainers while Jindal Trading and AIA Engineering are the leading losers. According to a leading financial daily, Crompton Greaves has bagged a US$20-million (about Rs. 1.2 bn)-order from Indonesian electricity utility PT PLN for setting up 36 transformer bays of 150 Kv in Indonesia. The project, funded by the World Bank, aims to enhance the performance of transmission grid. Crompton Greaves said this order follows a recent order for transformers worth US$26 million. Crompton Greaves was trading down by 1.2% at the time of writing.

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