ONGC gained 2 percent on higher crude oil prices. Brent crude oil futures climbed USD 64 per barrel.
The state-owned power equipment major, Bharat Heavy Electricals (BHEL) is aiming at doubling the non-power revenue by 2022 and the projects will be executed on a turnkey basis.
The areas like municipal water, Ganga mission, solar, aerospace, defense and metro and high speed rail projects have been identified as growth drivers.
The areas like municipal water, Ganga mission, solar, aerospace, defense and metro and high speed rail projects have been identified as growth drivers.
"Currently, our non-power business is 20 percent and we are aiming at doubling it to 40 percent by 2022," BHEL Director Amitabh Mathur told PTI.
"Unless, we take turnkey projects like we do in power, topline will not be high," he said.
Currently, power and associated business contribute 80 percent of the revenue for the company, while the rest 20 percent have been generated by the Railways and other electrical products.
11:25 am Market Outlook: "We are of the opinion that Nifty is likely to end the calendar year 2017 with more than 25 percent gain for the year," Devarsh Vakil, Head – Advisory (Private Client Group), HDFC Securities said in an interview to Moneycontrol.
"It is our thesis that FY19 and FY20 earnings will grow at 20 percent CAGR. The Nifty may post EPS of Rs 693 for FY20, based upon that 15x earnings. If numbers fructify market doesn’t look that expensive," he said.
"If earnings do not come through we may see a larger correction otherwise we rise in earnings will make markets look reasonable again," he added.
11:15 am IPO subscription: The Rs 8,695-crore IPO of HDFC Standard Life Insurance Company has been subscribed 4 percent so far on first day Tuesday.
As per data available on NSE, the issue has received bids for 79.74 lakh equity shares against IPO size of 21.97 crore shares, excluding anchor investors' portion.
The insurance major on Monday raised Rs 2,322 crore from anchor investors through allocation of 8.0686 crore equity shares at Rs 290 per equity share (upper end of the price band).
Anchors investors include Blackrock Global Funds, ICICI Prudential, TVF Fund, Kuwait Investment, Eastspring, First State Asia, Dragon Peacock, Umbrella Fund, Carnegie, Pfa Kapitalforening Afdeling, Investerings foreningen Danske Invest, Prince Street (India) Fund Pte Ltd, The Master Trust Bank Of Japan - Alliancebernstein Emerging Markets Growth Stock Mother Fund, and Ab Fcp I - Emerging Markets Growth.
"Unless, we take turnkey projects like we do in power, topline will not be high," he said.
Currently, power and associated business contribute 80 percent of the revenue for the company, while the rest 20 percent have been generated by the Railways and other electrical products.
11:25 am Market Outlook: "We are of the opinion that Nifty is likely to end the calendar year 2017 with more than 25 percent gain for the year," Devarsh Vakil, Head – Advisory (Private Client Group), HDFC Securities said in an interview to Moneycontrol.
"It is our thesis that FY19 and FY20 earnings will grow at 20 percent CAGR. The Nifty may post EPS of Rs 693 for FY20, based upon that 15x earnings. If numbers fructify market doesn’t look that expensive," he said.
"If earnings do not come through we may see a larger correction otherwise we rise in earnings will make markets look reasonable again," he added.
11:15 am IPO subscription: The Rs 8,695-crore IPO of HDFC Standard Life Insurance Company has been subscribed 4 percent so far on first day Tuesday.
As per data available on NSE, the issue has received bids for 79.74 lakh equity shares against IPO size of 21.97 crore shares, excluding anchor investors' portion.
The insurance major on Monday raised Rs 2,322 crore from anchor investors through allocation of 8.0686 crore equity shares at Rs 290 per equity share (upper end of the price band).
Anchors investors include Blackrock Global Funds, ICICI Prudential, TVF Fund, Kuwait Investment, Eastspring, First State Asia, Dragon Peacock, Umbrella Fund, Carnegie, Pfa Kapitalforening Afdeling, Investerings foreningen Danske Invest, Prince Street (India) Fund Pte Ltd, The Master Trust Bank Of Japan - Alliancebernstein Emerging Markets Growth Stock Mother Fund, and Ab Fcp I - Emerging Markets Growth.
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