Globally, US markets closed sharply higher on Friday as investors welcomed a "goldilocks" jobs report. Asian markets rallied in morning trade as China rolls out its third interest rate cut since November. Japan's Nikkei 225 hits a one-and-a-half-week high in early trade. The Indian rupee opened with marginal gain of 9 paise at 63.85 per dollar.
According to leading financial times, Steel Authority of India (SAIL) has planned an investment of Rs 1500 bn till 2025 to ramp up steel production from 24 million tonnes to 50 million tonnes. The company also dedicated Rs 160 bn towards modernization of IISCO plant. Reportedly, the capacity of the plant of crude steel had been ramped up to 2.5 million tonnes and is expected to ramp up to 5.6 million tonnes by 2025. Also, the company stated that another major modernization project in the 2025 vision document of SAIL was in the Durgapur Steel Plant whose capacity will be taken up from 2.2 million tonnes to 9 million tonnes. The total investment for West Bengal would work out to Rs 400 bn in both the plants.
Power stocks opened on an encouraging note with JSW Energy and CESC ltd being the leading gainers. According to a leading financial daily, Tata Power Solar Systems, Lanco Solar Energy Private Limited, BHEL and Wilson Limited have bagged EPC contracts worth Rs 17.7 bn from public sector NTPC Limited for setting up a 250-Mw solar photovoltaic power project in Anantapur district of Andhra Pradesh. Tata Power Solar Systems has been awarded 100-Mw works while the rest of the companies were awarded the contract for 50 Mw. The contract is the first phase of the 1,000-Mw ultra mega solar power project proposed by NTPC in an area of 5,400 acres being allotted by the Andhra Pradesh government. On April 24, NTPC and the state power utilities signed a power purchase agreement for the 250 Mw project at a fixed price of Rs 6.16 per unit for a period of 25 years.