L&T arm wins orders worth Rs1,610 crore

Larsen & Toubro’s Metallurgical and Material Handling Independent Company has secured new orders worth Rs1,610 crore from Tata Steel, India Bulls Power and other customers during the first quarter of FY2012

Larsen & Toubro’s (L&T) Metallurgical and Material Handling Independent Company—part of its construction division—has secured new orders worth Rs1,610 crore from Tata Steel Ltd, India Bulls Power Ltd and other customers during the first quarter of FY2012. A major portion of these orders pertain to the Kalinga Nagar Project of Tata Steel in Orissa.

Tata Steel is setting up four new coke oven batteries, each of 0.75 million ton per annum (mtpa) capacity with by-product plant of a total 1,80,000 Nm3/hr of gas processing capacity. Engineering and technology for these batteries are being provided by Acre, China. Apart from constructing the coke oven and byproduct plant, L&T is also providing detailed engineering and supply of balance of plant.

L&T is already constructing a coke oven complex for Tata Steel’s Jamshedpur works and another coke oven complex for Bhushan steel’s Meramandali, Orissa works. It is also engaged in construction of a blast furnace, sinter plant, steel melting shop and other units of Tata Steel’s 6 mtpa Kalinga Nagar project.

In yet another development, the company has secured an order for Rs240 crore from India Bulls Power for civil & structural works for coal handling plants & ash handling plant for Amravati &Nashik Thermal Power Projects (Phase II) in Maharashtra. The project has to be completed in 23 months. L&T’s Bulk Material Handling Business Unit will execute this order. It is already executing the supply & erection of coal handling plant for both Phase I & II of the project.

On Friday, L&T ended 4.25% up at Rs1,739 on the Bombay Stock Exchange, while the benchmark Sensex gained 2.89% to 18,240.68.

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Maya Iron Ores enters derivative commodity exchange

Maya Iron Ores plans to engage in the first month itself, 90 sub-brokers from across regions but largely from Maharashtra, Gujarat and South India

Maya Iron Ores Pvt Ltd, one of the pioneers in providing integrated solution for physical deliveries of iron ore, have launched its futures commodity trading division, having received the membership of Indian Commodity Exchange (ICEX).

Maya Iron Ores plans to engage in the first month itself, 90 sub-brokers from across regions but largely from Maharashtra, Gujarat and South India.

“A physical trader that offers an effective hedge mechanism, we are better placed as advisors to corporate and retail investors in a highly volatile market,” said Praveen Kumar V, chairman, Maya Iron Ores. “The iron ore future contract which was launched in the India exchanges (ICEX and MCX) is an important tool for risk management against physical deliveries. ‘Maya’ has identified great potential in this segment and has launched its futures commodity trading divisions.”

One of the main objectives of this division would be to educate both the corporate and retail participants in detail about the dynamics of the iron ore market globally. The division will also tailor-make effective hedge mechanisms for the physical traders.

“We intend to further expand our sub-broker network to around 225 in the short term period for our derivative division across India,” said Mitesh Rasaikar, chief executive officer (marketing & finance), Maya Iron Ores. “By the end of 2010, we intend to have a significant market share for the multiple commodities which traded in the Indian exchanges.”

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SBI Mutual Fund introduces SBI Debt Fund Series 90 Days-45

SBI Mutual Fund new issue closes on 27th June

SBI Mutual Fund has launched SBI Debt Fund Series 90 Days-45, a close-ended income scheme.

The investment objective of the scheme to provide regular income, liquidity and returns to the investors through investments in a portfolio comprising of debt instruments such as government securities, AAA/AA+ bonds and money market instruments maturing on or before the maturity of the scheme. The tenure of the scheme is 90 days.

The new issue closes on 27th June. The minimum investment amount is Rs5,000.

CRISIL Liquid Fund Index is the benchmark index. Rajeev Radhakrishnan is the fund manager.

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