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Mid cap stocks outperform
Fri, 14 Dec 11:30 am

Indian equity markets continued to trade flat during the previous two hours of trade. Sectoral indices traded firm except for FMCG, consumer durables and power stocks.

The BSE-Sensex and NSE-Nifty are trading flat at the moment. BSE Mid Cap and BSE Small Cap indices are trading up by 0.2% and 0.1% respectively. The rupee is trading at 54.49 to the US dollar.

Engineering stocks are trading in the green led by Suzlon Energy and Bharat Bijlee. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) is planning to set up a total integrated plant starting from poly-silicon to photo-voltaic (PV) systems including silicon wafer, solar cell and module. However BHEL's investment plans had been put on hold as the indigenous manufacturing capacities set up by other domestic manufacturers are being grossly under-utilized due to cheaper imports from China. However, the BHEL Board has recently approved, in-principle, a proposal for manufacturing PV modules. Future investments will be made after an incentive for domestic industry is put in place by the Government. The total investment for setting up the plant will be around Rs 20 bn.

Among aluminium stocks, National Aluminium Company (NALCO) is trading weak while Hindustan Aluminium Company (HINDALCO) and Sterlite Industries are trading firm. As per a leading daily, NALCO has not received the formal permission for resuming its operations at its bauxite mine. Earlier in November, work had stopped at Panchpatmali mine in Koraput district of Odisha after its long-term mining lease expired. The aluminium company is expecting a formal permission by the end of this week. Meanwhile, NALCO's Damanjodi refinery work has been cut down to one fourth and it may have to shut down completely.

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