Shares of capital goods companies like Larsen and Toubro (L&T), Bharat Heavy Electrical Limited (BHEL), Crompton Greaves, Thermax, SKF India and Fag Bearings are trading higher by up to 5% on the Bombay Stock Exchange (BSE).
The BSE S&P Capital goods index, the largest gainer among sectoral indices, is up 2.11% or 208 points at 10,061 as compared to 0.26% or 54 points rise in benchmark S&P BSE Sensex at 20,755 at 1325 hours.
Among the individual stocks, SKF India has surged 6% to Rs 692 after reporting a robust 50% year-on-year growth in net profit at Rs 48.39 crore for the fourth quarter ended December 31, 2013 (Q4) on back of strong operational performance and lower raw material cost. EBITDA or operating margin improved to 11.62% from 8.6%.
L&T is trading higher by 3% at Rs 1,079 after the company said it has received Foreign Investment Promotion Board (FIPB) approval for foreign direct investment (FDI) in L&T Infrastructure Development Projects Limited (L&T IDPL).
FIPB has approved the proposal for issuance of equity shares, Compulsorily Convertible Preference Shares (CCPS) and /or Compulsorily Convertible Debentures (CCD) of Rs 1,000 crore by L&T IDPL to a wholly owned subsidiary of CPP Investment Board (USRE III), Inc. which is under incorporation.
The investment is subject to finalisation and execution of definitive agreements with the investor and receipt of necessary regulatory and other approvals, L&T said.
The BSE S&P Capital goods index, the largest gainer among sectoral indices, is up 2.11% or 208 points at 10,061 as compared to 0.26% or 54 points rise in benchmark S&P BSE Sensex at 20,755 at 1325 hours.
Among the individual stocks, SKF India has surged 6% to Rs 692 after reporting a robust 50% year-on-year growth in net profit at Rs 48.39 crore for the fourth quarter ended December 31, 2013 (Q4) on back of strong operational performance and lower raw material cost. EBITDA or operating margin improved to 11.62% from 8.6%.
L&T is trading higher by 3% at Rs 1,079 after the company said it has received Foreign Investment Promotion Board (FIPB) approval for foreign direct investment (FDI) in L&T Infrastructure Development Projects Limited (L&T IDPL).
FIPB has approved the proposal for issuance of equity shares, Compulsorily Convertible Preference Shares (CCPS) and /or Compulsorily Convertible Debentures (CCD) of Rs 1,000 crore by L&T IDPL to a wholly owned subsidiary of CPP Investment Board (USRE III), Inc. which is under incorporation.
The investment is subject to finalisation and execution of definitive agreements with the investor and receipt of necessary regulatory and other approvals, L&T said.