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Engg stocks drag down markets
Wed, 21 May 11:30 am

After opening firm, the Indian indices have remained in the red in the morning session. Selling pressure is witnessed in capital goods and banking stocks.

The BSE-Sensex is trading down 48 points and the NSE-Nifty is trading down 13 points. The BSE Mid Cap index is trading up 1.3%, while the BSE Small Cap index is trading up 1.4% today. The rupee is trading at 58.75 to the US dollar.

Power stocks are trading mixed today. India Bulls power and Gujarat industrial Power are leading the gainers. GVK Power & Infra and Jaiprakash Power are leading the losers. As per a leading business daily, the power ministry has directed Arunachal Pradesh to cancel almost half of the nearly 100 hydroelectric projects awarded to private and state developers. Also, at the same time, the ministry has offered assistance to the state to fast-track 13 projects with 13,600 MW of capacity. The ministry shall expedite the process of various clearances for the fast execution of these projects. As per industry sources, projects by Patel Engineering, Sew Energy, Athena Energy, Reliance Power, Jindal Power and Jaiprakash Associates will be put on fast-track. At the same time projects of L&T Power (Larsen and Toubro's (L&T) subsidiary), Meenakshi Power, Velcan Energy and Adishankar Power are lagging behind the schedule and therefore some of them may be cancelled. Arunachal Pradesh has immense potential for hydro power generation but many of the power projects in the state are stuck because of delay in obtaining forest and environment clearances.

Telecom stocks are trading mixed today. While Tata Communication and ITI Ltd are leading the gainers; Reliance Communication and Idea Cellular are leading the losers. As per a leading financial daily, India's third largest telecom operator Idea Cellular has formally begun the process of raising funds via a Qualified Institutional Placement (QIP). The company's board had approved a plan to raise up to Rs 30 bn via a QIP. Idea is conducting 'no-deal' road shows to garner interest for the same. In a 'no-deal' show the company will not give any guarantees to potential investors. It is used to gauge investor interest for the QIP. Idea Cellular is trading up 0.8% today.

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