Capital Goods stocks surge ahead
DSIJ Intelligence / 25 Oct 2017
Capital goods stocks surged higher on Wednesday in a market dominated by bank stocks.
Capital goods stocks surged higher on Wednesday in a market dominated by bank stocks. The benchmark indices were trading near their all-time highs with BSE Sensex at 32,945.49, higher by 338.15 or 1.04%, while Nifty 50 was at 10,268.15, up 60.45 points or 0.59%.
The spike in the index can be attributed to the incoming foreign investment in the power sector. Government is mulling to form an expert panel to monitor foreign companies investing in the sector for cybersecurity concerns. The government also plans to set guidelines which would require these firms to appoint Indian nationals in the senior management and insist on local sourcing of power grid components.
The S&P BSE Capital Goods index was trading higher by 557.16 or up 3.19%. L&T (Larsen & Toubro) was contributing most to the index gains trading at Rs. 1,197.75 per share, up by Rs. 55.20 or 4.83%; Sadbhav Engineering was trading at Rs. 311.00 per share, up by 7.11%; Bharat Heavy Electricals was at Rs. 90.90, up by 3.35%; GE T&D India was at Rs. 392.00 per share, up by 2.89%; Siemens was at Rs. 1,251.00, up by 2.83% and Suzlon Rs. 15.95 per share, up by 2.57%.
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