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India's Third Giant Leap

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Auto stocks lead the rally
Fri, 16 Dec 11:30 am

Indian stock markets indices traded strong over the last two hours of trade. Auto and Power stocks witnessed maximum buying interest while IT stocks Witnessed maximum selling pressure.

The BSE-Sensex is up by 151 points, while the NSE-Nifty is up 47 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.89% and 0.92% respectively. The rupee is trading at 52.69 to the US dollar.

Power stocks are trading strong led by Tata Power and Reliance Power. According to a leading financial daily, National Thermal Power Corporation (NTPC) is in the process of setting up its biggest solar power station of 50 mega watts (MW) in Rajgarh district at Madhya Pradesh. The company is planning to invest Rs 7 bn for the project. The company will sell the entire power generated from this project to the electricity-starved state of Madhya Pradesh. For this the government will soon ink a power purchase agreement with NTPC. This will be the company's biggest non-conventional energy project which would be set up in Madhya Pradesh. The company has already kick started the process of setting up 5 MW and 15 MW solar stations in Orissa, Himachal Pradesh and Andhra Pradesh.

Energy stocks are trading in the green. Bharat Petroleum Corporation Ltd. (BPCL) and Cairn India are the biggest winners while Essar Oil and Oil India are the biggest losers. According to a leading financial daily, Reliance Industries has witnessed a steep decline in gas output from its D6 block. The company drilled only 22 wells against 31 that were approved for drilling by March next year. According to the technical arm of Directorate General of Hydrocarbons (DGH) 4 out of the 22 drilled were not put for production. Under pressure from DGH the company was forced to drill these 4 wells which did not produce any gas and had to be capped thus wasting millions of dollars. Reliance has maintained that drilling new wells would not be fruitful because the geology of the block turned out to be different from what was initially envisaged but the DGH was not convinced.

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