Sensex Opens Marginally Up; Realty Stocks Gain

Asian stock markets are trading mixed today. Japan’s Nikkei 225 lost 13 points in the early trade. On the other hand, China’s Shanghai Composite gained 9 points. While, Hong Kong’s Hang Seng remained closed on account of Christmas holiday. Major indices in the US closed slightly lower on Friday but finished higher for the week.

Back home, India share markets have opened the day marginally higher. The BSE Sensex is trading higher by 40 points while the NSE Nifty is trading higher by 19 points. The BSE Mid Cap index opened up by 0.3% while BSE Small Cap index opened the day up by 0.4%.

Barring bank stocks, all sectoral indices have opened the day in green with realty stocks and power stocks witnessing maximum buying interest. The rupee is trading at 64.04 to the US$.

Engineering stocks opened the day on a mixed note with Welspun Corp and TRF Ltd leading the gains. As per an article in a leading financial daily, against international competitive bidding (ICB), Bharat Heavy Electricals Ltd (BHEL) has secured a landmark contract for 146 sets of IGBT-based 3 phase electrics for 25 KV AC Mainline EMU (MEMU) trains.

The order is valued at Rs 6.7 billion, which has been placed on BHEL by Rail Coach Factory (RCF), Kapurthala.

BHEL’s scope of the work in the order envisages design, manufacture, supply, installation and commissioning of IGBT-based propulsion system and other equipment for MEMU trains of Indian Railways.

These state-of-the-art system and equipment will be developed and produced by BHEL at its various manufacturing plants located at Bengaluru, Bhopal and Jhansi.

One shall note that, the company has been supplying electric as well as diesel locomotives, EMUs, propulsion system sets and drives to Indian Railways over the years. Notably, BHEL has supplied 360 electric locomotives of various ratings to Indian Railways apart from over 370 Diesel Electric Shunting Locomotives to various industries which are operating successfully.