Power stocks have opened the day on a firm note with CESC Ltd, Neyveli Lignite and JSW Energy leading the gains. As per a leading financial daily, central transmission utility Power Grid Corporation of India Ltd (PGCIL) has approved investments of Rs 55 bn for upgrading networks in about 4 years. The company's board of directors approved strengthening the transmission corridor for independent power producers in Chhattisgarh. The estimated cost for this project is Rs 51.5 bn. It would have a commissioning schedule of 45 months from the date of investment approval. In addition to this project, PGCIL's board also approved investment for upgradation of the transmission system associated with Lara thermal power project of National Thermal Power Corporation (NTPC). This project has a commissioning schedule of 34 months from the date of investment approval and an estimated cost of Rs 4 bn.
Engineering stocks have opened the day on a firm note with Welspun Corporation, Suzlon Energy, Jain Irrigation and Alstom T&D India Ltd leading the gains. As per a leading financial daily, engineering giant Larsen & Toubro (L&T) has announced that Canada Pension Plan Investment Board (CPPIB) has agreed to invest Rs 20 bn in its infrastructure arm, L&T Infrastructure Development Projects Ltd (L&T IDPL). The proceeds from the stake sale of L&T IDPL would be used for completing under-construction assets. It is worth noting that this is the first direct private investment by a Canadian pension fund in a domestic infrastructure development company.