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Volatility mars Indian Indices
Mon, 31 Mar Closing

Indian equity markets started the day on a positive note. After hitting record highs for the sixth straight session on Monday, the key benchmark indices were trading flat at mid-day, ahead of the Reserve Bank of India (RBI) policy announcement on Tuesday. The markets finally closed the day in the green. Realty and Metal stocks were the biggest gainers. While the BSE Sensex closed higher by 46 points, the NSE-Nifty closed higher by 8 points. BSE Mid Cap and the BSE Small Cap closed on a positive note.

As regards global markets, Asian indices closed in the green. European indices have opened in the green. The rupee was trading at Rs 59.98 to the dollar at the time of writing.

BHEL has secured Rs 12.5 bn contract for setting up a 120 MW Hydro Electric Project in Uttarakhand. Located in Dehradun district, the Vyasi power project is a run-of-the-river scheme on the Yamuna. The contract envisages design, manufacture, supply, installation and commissioning of hydro generating sets and associated electro mechanical works. While the hydro generating sets will be supplied by BHEL's Bhopal unit, the transformers and control and monitoring system will be supplied by the Jhansi unit and Electronics Division, Bangalore respectively.

The Supreme Court has appointed former Australian Supreme court judge James Jacob Spigelman as the third neutral arbitrator in a dispute over gas price between the government and Reliance Industries (RIL). The apex court said there was a need for a foreign arbitrator in the RIL-government case to avoid biases. The entire case has to do with the fact that when Reliance Industries' production had fallen, the government had slapped penalty notice amounting today to US $1.8 bn against the company for foreign gas production not meeting the target for hiving ideal infrastructure. Meanwhile, today is also the last day for fertiliser companies and RIL to renew their gas supply agreement. RIL will stop supplying gas at 6 AM tomorrow if the agreement is not signed. Oil ministry has indicated that RIL wants higher gas price from fertilizer companies retrospectively and has also sought the difference between new price and US $4.20 per mmBtu from April 1.

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