Indian equity markets began the day's proceedings on a weak note, but managed to recover and traded firm for most of the morning session. Buying activity intensified in the afternoon session and the final trading hour saw the indices surge higher on back of buying by funds and retail investors. While the BSE-Sensex closed higher by 176 points, the NSE-Nifty closed higher by 43 points. Both the BSE Mid Cap and the BSE Small Cap closed on a strong note. Gains were largely seen in Metal and Oil and gas stocks.
As regards global markets, Asian indices closed mixed while European indices have opened in the green. The rupee was trading at Rs 54.27 to the dollar at the time of writing.
According to a leading business daily, National Thermal Power Corporation (NTPC) proposed hydel project at Koldam in Himachal Pradesh may start power generation this year but with a cost overrun of about 20% of the approved investment of Rs 4.5 bn when fully commissioned. The first 200 MW unit of Koldam project may come up by the end of this financial year. The 800 megawatt (MW) project, the execution of which was started in 2003, has been delayed mainly due to environment and geological hurdles. It is also one of the initial projects proposed by NTPC when it diversified into hydro power generation. The project was earlier slated for commissioning in 2009. The Koldam project has four units of 200 MW each and the Satluj River is the water source. The first unit is expected in one year and other units at 6 month intervals. The beneficiary states of the project are Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu & Kashmir and Chandigarh. NTPC has also signed loan agreements worth Rs 18.7 bn with three public sector banks, to partially finance its capital expenditure plans.
The construction division of engineering giant Larsen & Toubro (L&T) has secured new orders valued at over Rs 37 bn across various business segments in March, 2013. The Building and Factories Business has bagged new orders worth Rs 19.9 bn for the construction of residential towers and commercial development across India. The Power Transmission & Distribution Business has secured new orders worth Rs 10.97 bn. The company also received order from Power Grid Corporation of India for construction of a 400 kV pooling station at Tuticorin, Tamil Nadu.