After starting today’s session on a positive note Indian indices have gained further grounds and have managed to register further gains. Other key Asian markets are trading in the positive territory, with Nikkei leading the gains. Stocks from realty and metal are witnessing strong buying interest while stocks from FMCG and power space are trading flat.
The BSE-Sensex is trading up by around 250 points, while the NSE-Nifty is up by about 73 points. Buying interest is also witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 1.1% and 1.2% respectively. The rupee is trading at 46.8 to the US dollar
As per a leading business daily, Tata Power plans to set up solar facilities with a capacity of 300 MW by 2013. The company, which is India’s largest private sector power utility, decided to do so in light of an announcement of the ‘National Solar Mission’ by the government. Under this, the government offers policy incentives to companies setting up solar power capacities to make it lucrative for them to do so. If Tata Power successfully implement its plans, this would also be one the largest solar power capacity additions in the country by a company. It will also hugely add to Tata Power’s renewable energy portfolio, which will stand it in good stead as conventional sources of fuel to produce power become increasingly difficult to procure in the years to come.
As per a leading news daily, PTC Financial services Ltd (PFS), the investing arm of Power Trading Corporation (PTC), is likely to list on the bourses between September and November. PFS is planning to raise around Rs 6-7bn. The company is also looking out for private placement before the IPO concludes. It should be noted that PTC holds 77% stake in PFS and plans to retain 51% after the sale. Apart from this, PTC Ashmore, a JV between PTC and UK based investment management firm, Ashmore Group Plc, is planning to raise US$300-400 mn for its energy infrastructure fund that will invest in the power projects in the country. PTC Ashmore is talking to various investors to invest in the fund. The fund will acquire equity stake in new power projects from which it would acquire power.