Automobile stocks are in favor today. Tata Motors and Mahindra Scooters are the leading pack of gainers while TVS Motors and Bajaj Auto are trading in the red. According to a leading financial daily, Hero MotoCorp has been allotted 592 acres of land by the Andhra Pradesh Government in Chittor district. The company plans to set up a plant for two-wheelers and spare parts with an investment of Rs 16 bn in the state. According to the government, the plant would provide direct and indirect employment to around 15,000 persons. The Hero MotoCorp Scrip was trading down marginally at the time of writing on BSE.
Majority of the power stocks are trading in the red with NTPC and CESC Ltd being the leading losers. According to a leading business daily, Tata Power has achieved financial closure for the 187 MW Adjaristsqali hydel projects in Georgia by arranging an additional US$250 million long-term loan. This makes it the largest hydel project in the East European nation. Tata Power is developing the project in association with Clean Energy Invest of Norway (40% stake) and IFC InfraVentures (20%). Tata Power holds the remaining stake in the US$400 million project. The project is in line with Tata Power's plan to develop 450 MW of new hydel power project this year as part of its centenary year celebrations.