Hotel stocks are trading weak led by Country Club and Taj GVK. As per a leading daily, Indian Hotels is revising its offer to acquire Orient Express upwardly by around 10-15%. At present Indian Hotels holds 6.9% stake in the company. This follows the British hospitality group's rejection of the earlier offer of US$ 1.86 bn. This implies price per share of US$ 12.63 which is now being revised to around US$ 15 per share. Indian Hotels is in talks with bankers for expanding its financing power. We may note here that Indian Hotels operates in the Indian hospitality space under the brand name of Taj.
Engineering stocks are trading in the red led by Everest Kanto Cylinder and Finolex Cables. According to a leading financial daily, Larsen & Toubro (L&T) has secured an order of Rs 7.3 bn from Nuclear Power Corporation of India (NPCI) for the Rajasthan Atomic Power Plant (RAPP). Accordingly, L&T will supply install and commission the Balance of Turbine Island package for two new 700 megawatt capacity units, RAPP 7 & 8, located at Rawatbhata near Kota. Besides, L&T will be carrying out civil work for the turbine halls, electrical bays and transformer yard. L&T's contribution to the Indian nuclear energy segment is already increasing. With this new order, the relationship between L&T and NPCI will be further strengthened.