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Sensex continues to rally; realty stocks up on rate cut


The News International Team

01:25pm BHEL in News: Bharat Heavy Electricals (BHEL) has successfully commissioned another 600 MW thermal unit in Chhattisgarh. The unit was commissioned at Dainik Bhaskar Power (DBPL)’s upcoming 2×600 MW thermal power project located at Dhabra in Janjgir Champa district of Chhattisgarh, said BHEL in its filing.

This was the second unit of this power project, commissioned by BHEL. The first 600 MW unit was successfully commissioned by the company in 2014.

BHEL’s scope of work in the contract envisaged design, engineering, manufacture, supply, erection and commissioning of steam turbines, generators and boilers, along with associated auxiliaries and electricals, besides state-of-the-art controls &
lnstrumentation (C&l) and electrostatic precipitators (ESPs).

It has been a partner in the power development programme of the state of Chhaftisgarh. With a cumulative installed capacity of 11,40O MW, the share of BHEL stood at 68 percent of the total installed capacity in the state.

01:00pm Market Check

The market continued to maintain its uptrend with only Auto index in red. The Sensex is up 91.66 points or  at 28971.04 and the Nifty is up 29.20 points at 8809.55. About 1644 shares have advanced, 936 shares declined, and 177 shares are unchanged.

GAIL is still down 3 percent while  M&M, Hindalco, Dr Reddy’s Labs and Tata Motors are among the laggards.  BHEL, Bharti Airtel, L&T, Coal India and Tata Power are top gainers in the Sensex.

Realty stocks are seeing good buying interests after State Bank of India and Housing Development Finance Corporation cut home loan interest rates with effect from today. The country’s largest lender has reduced interest rates on home loans for new borrowers by 25 basis points (bps) to 9.9 percent and for women borrowers, the revised rate would be at the base rate of 9.85 percent.

Crude Oil futures rose by 0.53 percent to Rs 3,237 per barrel as speculators created fresh positions amid a better trend in Asia.

The oil for delivery in May also moved up by Rs 14, or 0.42 per cent, to Rs 3,368 per barrel, with a business volume of 312 lots. Traders attributed the rise in crude oil futures to a better trend in Asia, extending last week’s gains but the persistent global supply glut will likely cap advances.

Meanwhile, West Texas Intermediate crude added 31 cents to USD 51.95 a barrel, while Brent was up 24 cents at USD 58.11 in late-morning trade on the New York Mercantile Exchange.

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