Bajaj Hindusthan Ltd (BHL) has said that the company through a consortium has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for setting up a mega power project of 1,980MW (3x660MW) at Bargarh in Uttar Pradesh (UP).
The cost of this project is estimated to be Rs5 crore per MW.
The above venture is proposed to be undertaken either directly or through a special purpose vehicle (SPV) of BHL, in which BHL/consortium, as the case may be, is obligated to hold a minimum of 26% equity.
On Tuesday, BHL rose 0.36% to Rs110.15 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.
Lanco Infratech Ltd has won an engineering, procurement and construction (EPC) contract worth Rs4,100 crore from a subsidiary of Moser Baer Projects Pvt Ltd for execution of its coal based 2x600 MW power project.
The scope of work includes setting up of the main plant including civil and structural works on EPC basis. Lanco has already received its notice to proceed, said the company in a statement.
The total project will be completed in 39 months starting from 20 December 2010.
The Unit-I is expected to be completed in 35 months and Unit-II in 39 months.
On Tuesday, Lanco Infratech gained 0.64% to Rs62.50 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.86% up at 20,060.32 points.
Don’t expect an investigation by the regulator, much less any indictment, but insider trading in Ispat counter was telltale
The shares of Ispat Industries climbed over 10% on Monday—well before the deal between JSW and Ispat was announced. But Monday was the last stage of the rally, propelled by massive insider buying. For days together the counter of Ispat Industries was abuzz with huge volumes and sharp rise in prices. Did people close to the deal, have definite information that something conclusive was afoot? It would seem so from the stock price movement.
Look at the facts. On 9th December, the Ispat stock was languishing at Rs17.80. The next day, the scrip shot up to Rs18.80 a rise of 5.3% on large volumes. On 13th December it jumped up again by 4.81%. The following day, when the broader market was struggling, Ispat was up further by 5.3%. On 15th December, a large number of stocks dipped, but Ispat stayed up. On 16th December, the Ispat stock shot up again by 4.5%.
Yesterday, it was sharply up since the morning as the buzz went around of a possible takeover by JSW. But, up until yesterday, there was absolutely no news and so no reason for such consistent, forceful buying in the stock on ever-larger volumes, for six consecutive days. In short, there was much insider trading.
As we have pointed out regularly in the ‘Unquoted’ section of Moneylife magazine, there is rampant manipulation going on in small Indian stocks. What is amazing, however, is how virtually every large takeover is also accompanied by massive price movements some days before the deal. Clearly, those in the market have little to fear about being caught. At least, not yet.