Energy stocks are trading in the green led by Reliance Industries Limited (RIL) and Gas Authority Of India Ltd. (GAIL). According to a leading financial daily, GAIL India is planning to set up a joint venture with state-run hydropower company Uttarakhand Jal Vidyut Nigam (UJVN) to set up two gas based power plants. Initially, these two projects will be of 350 MW but later the capacity of these projects would be increased to 450 MW. The joint venture will invest Rs 25 bn towards the project. The majority of the power from these power plants would be sold to Uttarakhand through a long-term power purchase agreement (PPA). UJVN has got 50 acres of land in Kashipur and has identified another 55 acres of land in Haridwar for the two gas plants.
Auto stocks are trading mixed with Tube Investments and Escorts leading the gains. However, Maruti Suzuki and Ashok Leyland are on the losing end. According to a leading financial daily, Tata Motors (Telco) owned Jaguar Land Rover (JLR) is thinking of introducing crossover vehicles. The idea is to launch a vehicle which is a mix between a sedan and a sports utility vehicle (SUV). It may be noted that the auto company had recently unveiled Jaguar Sportbrake XF (at the Auto Expo) which is very different form its flagship sedans. The company is overwhelmed with the response that this has received. However, Jaguar would keep away from the delivery of pure SUVs under Jaguar brand as of now. JLR is also planning to strengthen its global distribution network by 20% in the next 5 years.