Sensex rebounds 200 pts, Nifty above 10,500; SBI falls 4%, BOB up 4%

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NALCO, Oil India, Bata India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.

L&T shares gained more than 1 percent in the morning as its subsidiary L&T Hydrocarbon Engineering has signed a major field development EPC contract with Al Dhafra Petroleum Operations Company Limited, Abu Dhabi, UAE, with a value in excess of Rs 2,200 crore.

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Al Dhafra Petroleum is a joint venture between ADNOC and Korea National Oil Corporation (KNOC) and GS Energy, which is represented by Korean Abu Dhabi Oil Consortium (KADOC).

The scope of the contract includes engineering, procurement, construction & commissioning of flow lines, gathering facilities & pipelines to transfer crude oil & gas from Haliba fields to a processing facility at Asab and installation of 132 kV and 33 kV overhead electrical transmission lines to supply power.

Leading EPC player Reliance Infrastructure has bagged a Rs 567 crore order from the state-run power major National Thermal Power Corporation (NTPC) to build a flue gas Desulphurisation (FGD) plant at its 1500 MW (3 x 500 MW) power plant at Jhajjar in Haryana.

The scope of the work includes design, engineering, manufacture, erection and civil work, as well as testing and commissioning of the FGD system.

The Anil Ambani-run company’s EPC division had earlier emerged as L1 bidder amidst competition against leading EPC players including BHEL, L&T, and Mitsubishi Hitachi Power system.

The overall schedule for the project is 20 months from the date of the letter and will of approval being delivered for the first unit, with three months additional time each for the two subsequent units, the company said in a statement today.

Shares of Capacity Infraprojects gained 4 percent in the early trade on orders worth Rs 247.46 crore.

The orders include Tower -2 of a project at Hindustan Mills, Prabhadevi, MMR for client Twenty Five South Realty, The Wadhwa Group, worth Rs 156.46 crore.

The Tower – 1 of this project is already under execution by the company.

The second order is from Kalpataru Group of Rs 90.80 crore. This is the second order received from Kalpataru Group.

9:15 am Market Check: Benchmark indices, as well as broader markets, opened the truncated week sharply higher on Monday, driven by bargain hunting after sell-off last week.

The 30-share BSE Sensex was up 212.02 points at 34,217.78 and the 50-share NSE Nifty gained 69.10 points at 10,524.10.

About five shares advanced for every share falling on the BSE.

The nifty Midcap index was up over a percent.

NALCO, Oil India, Bata India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.

Manappuram Finance, Ashok Leyland, Cadila Healthcare and Capacity Infraprojects gained 2-5 percent. Suzlon Energy fell 3 percent.


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