Among other Asian markets, Shanghai Composite index plunged almost 8.48%, Japan's Nikkei fell 0.9% and Hong Kong's Hang Seng was down 3.11%. European equities started the week on a downbeat note, heading for their fifth straight daily fall. The rupee was trading at 64.00 against the US$ in late afternoon trade.
According to a leading financial daily, Siemens has won a crucial order worth approximately Rs 670 m for supply of High Voltage Gas Insulated Switchgear (GIS) from Larsen & Toubro for a substation project of Himachal Pradesh Power Transmission Corporation, the power transmission utility of Himachal Pradesh. The scope of work involves supply of 400kV and 220kV GIS including supervision of erection, testing & commissioning. The GIS will be manufactured in Siemens' state-of-the-art factory in Aurangabad. It is to be noted that Siemens is one of the leading producers of energy-efficient, resource-saving technologies, combined cycle turbines for power generation and power transmission solutions.
Steel stocks languished in the red with Tata Steel and JSW Steel bearing majority of the brunt. According to a leading financial daily, Steel Ministry had approved 83 R&D projects worth Rs 6.96 bn in 2014-15. This is to expand the steel industry's product portfolio, develop more value added products and help in maintaining long term sustainability. Out of 83 R&D projects, 47 projects have been completed, and 11 projects were stopped following mid-term review whereas 25 projects are in various stages of progress. Further, the government is encouraging the PSUs and private firms in the steel sector to work on R&D projects mostly on problems relating to utilization of low grade ore and high ash coal. It has recommended large steel firms to enhance R&D investments up to 1% of their total sales turnover. Besides, Steel Ministry is facilitating setting up of Steel Research and Technology Mission of India and is contributing 50% to the corpus.