L&T bags Rs1,100 cr power plant order from Gujarat Electricity

Gas-based project near Baroda to be commissioned in next five-year plan  

Engineering major Larsen & Toubro on Monday said it has bagged a Rs1,100 crore order from Gujarat State Electricity Corporation (GSECL) for setting up a 375MW gas-based power plant at Dhuvaran, near Baroda. The project will be commissioned during the next five-year plan.

"The EPC order was bagged by L&T under global competitive bidding, against stiff competition from domestic and international power plant equipment manufacturers," the company stated. L&T will design, supply, install and commission the entire power project on a turnkey basis. It will get advance gas turbines and high-efficiency steam turbines for the plant from Siemens AG, Germany.

L&T has executed a number of gas-based power projects. It recently commissioned a 238.5MW co-generation power plant for Indian Oil Corporation at Panipat. It is also executing a 2x384MW gas-based power plant for GMR Group at Vemagiri, in Andhra Pradesh.

The L&T stock price was up 6.7% at Rs 1,660.75 at the close of trade on the Bombay Stock Exchange today, compared with the BSE Sensex which gained 2.6%.

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IDBI Mutual Fund launches Monthly Income Plan

IDBI Mutual Fund’s new issue closes on 28th February

IDBI Mutual Fund has launched IDBI Monthly Income Plan, an open-ended income scheme.

The investment objective of the scheme would be to provide regular income along with opportunities for capital appreciation through investments in a diversified basket of debt, equity and money market instruments.

The new issue opens on 14th February and closes on 28th February. The minimum investment amount is Rs5,000.

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ICICI Prudential Mutual Fund floats Fixed Maturity Plan–Series 55–1 Year Plan C

ICICI Prudential Mutual Fund’s new issue closes on 22nd February

ICICI Prudential Mutual Fund has launched ICICI Prudential Fixed Maturity Plan-Series 55-1 Year Plan C, a close-ended income scheme.

The investment objective of the plan is to seek to generate regular returns by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the plan under the scheme.

The new issue opens on 14th February and closes on 22nd February. The minimum investment amount is Rs5,000.

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