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Metals stocks in demand today
Tue, 23 Jun Closing

After starting the day on a firm note, Indian share markets pared some of their gains but still traded above the dotted line in the post-noon trading session. The BSE-Sensex closed higher by 74 points, while the NSE-Nifty closed higher by 30 points. BSE Mid Cap closed marginally higher by 0.08% and BSE Small Cap index was up by 0.48%. Barring IT stocks, most of the sectoral indices closed in the green with metal stocks being the most favored.

European stocks were up as Greece's latest budget proposals raised hopes it would stave off a debt default and reach a deal with lenders. Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 2.19%, while Japan's Nikkei 225 is up 1.87% and Hong Kong's Hang Seng is up 0.93%. The rupee was trading weak by 12 paise at 63.64 against the US$.

According to a leading financial daily, Bharat Heavy Electricals Ltd. (BHEL) has commissioned a 250-MW coal-based thermal unit at the upcoming Bongaigaon Thermal Power Station in Assam. BHEL is executing the Main Plant package contract for setting up three coal-fired units of 250 MW each at the plant. Significantly, on completion, this will become the highest rating coal-based power plant in North East India. Reportedly, in 2014-15, BHEL had surpassed the capacity addition target set by the Government for utility projects by 19%. The trend is continuing in the current year also with eight sets having already been commissioned by the company in FY 2015-16.

Stocks in the auto sector ended the trading day on a firm note. Stocks of Ashok Leyland surged and ended the trading day on an encouraging note (up 1.56%) after it was reported that the company has received orders worth US$ 82.06 m from Senegal towards building their comprehensive and integrated transportation system. DAKAR DEM DIKK, a public transport organization under the aegis of the Ministry of Transport, Senegal, has commissioned a comprehensive logistics program with Ashok Leyland. This comprises supply of 475 buses, genuine spares, assistance in development of workshops, training and consultancy on fleet management, and structuring of vehicle tracking and monitoring systems. Ashok Leyland is the flagship company of the Hinduja Group.

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