Sensex Finishes On A Flat Note; Tata Power Surges

Indian share markets finished the trading session on a flat note ahead of RBI monetary policy review on Wednesday. At the closing bell, the BSE Sensex stood higher by 44 points, while the NSE Nifty finished up by 14 points. Meanwhile, the S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 0.5% and 0.4% respectively. Gains were largely seen in realty and energy stocks.

Asian markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.75% and the Nikkei 225 rose 0.47%. The Shanghai Composite lost 0.16%. European markets too are mixed today. The CAC 40 is up 0.20% while the DAX gains 0.12%. The FTSE 100 is off 0.02%.

The rupee was trading at 68.03 against the US$ in the afternoon session. Oil prices were trading at US$ 51.55 at the time of writing.

Tata Power’s (TAATF) share price finished the trading day on an optimistic note (up 2.7%) after it was reported that the company’s Strategic Engineering Division (Tata Power SED) has bagged an order from Ministry of Defence, Government of India for the supply of one regiment of Command Post and Launcher of Pinaka Multi Rocket Launcher System (MRLS) to Indian Army.

The order worth Rs 2 billion includes supply of 20 launchers and 8 command posts. Tata Power SED had delivered one regiment of Pinaka Launcher and Command Post in the period of 2006-2010, which was then inducted in the Army.

Pinaka Weapon System is one of the first ‘Create in India’ product designed and developed by Indian private industry in association with Armament Research and Development Establishment of the DRDO.

Meanwhile, it was recently reported that the company plans to sell 30% stake in Indonesia-based coal company PT Arutmin for a sharply lower consideration of US$ 246.64 million after entering into revised pacts that take into account certain prior liabilities.

In another development, Torrent power’s share price surged and finished up by 4.5% on the BSE after the company entered into Renewal and Amendment Agreement to the Distribution Franchise Agreement (DFA) with the Maharashtra State Electricity Distribution Company (MSEDCL) for distribution of power in Bhiwandi Circle for a further period of 10 years with effect from January 26, 2017.