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Energy & engg stocks support markets
Wed, 8 Oct 11:30 am

After opening weak, the Indian Indices have recovered the early losses during the morning trading session. The benchmark indices are trading flat. Energy and engineering stocks are witnessing the maximum buying interest while IT and pharma stocks are trading in the red.

The BSE-Sensex is trading down 11 points. The NSE-Nifty is trading down 4 points. The BSE Mid Cap index is trading up 0.1% and the BSE Small Cap index is trading up 0.2%%. The rupee is trading at 61.46 to the US dollar.

Most of the power stocks are trading firm, with National Thermal Power Corporation (NTPC) and Adani power being the leading gainers in the pack. As per a financial daily, state owned power utility NTPC is evaluating a proposal to buy stranded power assets worth US$ 5 bn. This is in contrast with its earlier strategy of putting up Greenfield projects. The power developer has received offers from 34 private sector power plants. Of these NTPC has shortlisted 8 of them for acquisition. Reportedly, the company has also mandated KPMG for due diligence of the plants to be acquired. This will involve issues like fuel supply linkages, power purchase agreements, land acquisition and environment clearances. NTPC's inorganic plans come after the power minister Piyush Goyal's suggestion. Going through inorganic route will help the company to save land acquisition costs and time on various regulatory clearances. These acquisitions are expected to close by end of current fiscal.

Telecom stocks are trading mixed today. While Reliance Communications is leading the gainers; Idea Cellular is among the top losers. As per the financial daily, all telcos have begun rolling out cheap data plans during the festive season to increase their subscriber base. This is a clear change of strategy as voice services have taken a back seat. All promo offers have focused on data services. Data is the key growth driver for the telecom sector and all telcos are looking to take advantage of the festive season to drive data consumption. Data is increasingly contributing to a higher percentage of revenues for telcos and this has helped them recover pricing power to an extent. Data is also a higher margin business for telcos as opposed to voice services.

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