The investment will go towards construction of over 4,000 circuit km transmission lines spread over Andhra Pradesh and parts of Tamil Nadu, Karnataka and Maharashtra
Hyderabad: State-run Power Grid Corporation has earmarked Rs6,000 crore for expansion in the southern region, reports PTI quoting a senior official.
"Transmission lines of over 4,000 ckm (circuit km) are under construction, spread over Andhra Pradesh and parts of Tamil Nadu, Karnataka and Maharashtra. We are spending Rs6,000 crore as part of the total expansion plans in the region," V Sekhar, executive director (SRTS-I), Power Grid told PTI.
Meanwhile, the company in filing with the BSE said the board of directors of the company has approved System Strengthening-XVII in the southern region grid at an estimated cost of Rs1,508.74 crore with commissioning schedule of 33 months from the date of investment approval.
Mr Sekhar said that currently seven new 765/400KV sub- stations are under construction at Nellore, Raichur, Kurnool, Hyderabad, Khammam, Vemagiri and Srikakulam and four out of these seven stations are the latest state-of-the-art gas insulated sub stations.
He said the region has 7,213 ckm of 400 KV High Voltage Alternating Current (HVAC) and 1,910 ckm of 500KV High Voltage Direct Current (HVDC) transmission lines in operation. The region has ten 400 KV HVAC substations with a transformation capacity of 6,300 Megavolt Ampere.
For the first time in the south, a double circuit 765 KV high capacity transmission line is being constructed between Nellore and Kurnool which is capable of handling about 5,000MW. Together with Nellore-Gooty 400KV Double Circuit line, about 6,000MW is handled in the Krishnapatnam area, he added.
For strengthening the reliability of the power system in the southern region, 765 KV Double Circuit line between Kurnool and Tiruvalem (Tamil Nadu) and 400KV Double Circuit line between Gooty and Madhugiri (Karnataka) are under construction, Sekhar explained.
Mr Sekhar said the government of Andhra Pradesh would facilitate Power Grid to obtain necessary permissions, registrations and clearances from respective departments of the state.
"All these projects will be executed in the next two to two and half years schedule. Many of the projects are under execution. And some of the projects will start very shortly," Sekhar said.
The Nifty may make an upmove to the level of 5,500 subject to dips
With most of the Asian indices opening in the positive, the Sensex and the Nifty opened strongly higher on news of the European leaders having come up with a plan for a single financial supervisory mechanism for the European region to help stabilize markets. Yesterday we had mentioned that The Nifty should now break out of the range of 5,080 and 5,160 decisively to set a trend. We may now see the index making an upmove to the level of 5,500 subject to dips. The National Stock Exchange (NSE) saw a higher volume of 79.29 crore shares.
The Sensex and the Nifty hit their intra day lows of 17,135 and 5,189 respectively at the beginning of the day itself after which they continued their upward journey to hit their intraday highs, the best in the past two months. The Sensex scaled 17,448, which was the highest since 20 April while the Nifty hit a high of 5,286 its best since 23 April. The Sensex closed at 17,430, up 430 points (2.59%) while the Nifty gained 130 points (2.52%) to settle at 5,279. This is the highest percentage gain since 6 June 2012.
The advance-decline ratio on the NSE was tilted in favour of the gainers at 1273:449.
Among the broader indices, the BSE Mid-cap index surged 1.62% and the BSE Small-cap index climbed 1.31%.
All the sectoral indices were positive. The top gainers in the sectoral space were BSE Capital Goods (up 3.65%); BSE Power (up 3.55%); BSE Bankex (up 3.49%); BSE Metal (up 3.44%); BSE Realty (up 2.47%).
Except for Coal India which fell 0.14%, all the other Sensex stocks closed in the green. The key gainers on the Sensex were Jindal Steel (up 8.74%); Tata Power (up 5.81%); ICICI Bank (up 5.03%); BHEL (up 4.93%); Sterlite Industries (up 4.91%)
Top two A Group gainers on the BSE were-GMR Infrastructure (up 9.11%) and Jindal Steel (up 8.74%).
Top two A Group losers on the BSE were-Cairn India (down 6.11%) and Muthoot Finance (down 2.91%).
Top two B Group gainers on the BSE were-DJS Stock (up 19.98%) and Vimal Oil & Foods (up 19.95%).
Top two B Group losers on the BSE were-Kanco Enterprises (down 14.90%) and Rama Pulp & Papers (down 13.50%).
The Nifty was led by Jindal Steel (up 8.49%); Tata Power (up 6.12%); Sterlite Industries (up 5.33%); BHEL (up 4.84%); Maruti Suzuki (up 4.33%). Cairn India (down 6.14%); BPCL (down 1.22%); Coal India (down 0.24%) settled at the bottom of the index.
Yesterday, the finance ministry issued draft guidelines for implementing the controversial anti-avoidance tax proposal. A panel of seven members suggested that the provisions be applied from 1 April 2013. However, the Prime Minister's office (PMO) today clarified that the GAAR guidelines are only draft guidelines and have been put out for receiving wide-ranging feedback and for discussion purposes only.
The Reserve Bank of India (RBI) today unveiled its fifth Financial Stability Report. The report said that though the Indian financial system remains robust, risks to financial stability have increased over the past six months due to worsening global and local economic conditions. RBI said that banks remain resilient to credit, market and liquidity risks and would be able to withstand macroeconomic shocks, given their comfortable capital adequacy positions.
Among the other positives, Morgan Stanley has upgraded Indian stocks to "equal weight" after being 'underweight' since the first quarter of 2011, saying India is now trading at a price to book multiple of 2.1x, close to the trough valuations of 2.0x in the 2002 and 2008 cycles.
All Asian indices ended in the positive on optimism from the European leaders about recapitalizing the continent's banks. Besides, the Chinese government assured investors that the country continue with reforms despite a slowdown in growth. The Hang Seng was the top gainers among Asian indices, up 2.19% followed by KOSPI Composite up 1.91% and Taiwan Weighted up 1.77%.
At the time of writing, all the European indices were trading in the positive. The US stock futures were also higher, indicating a positive start to the markets.
Back home, enthused by the draft guidelines on GAAR and the PMO's clarifications on the same, foreign institutional investors were net buyers to the tune of Rs3,046.76 crore. On the other hand, domestic institutional investors were net sellers of shares totalling Rs250.71 crore.
Kalpataru Power Transmission has secured new orders worth of Rs660 crore from international and local clients. The company has received contract worth of Rs380 crore Power Grid Corporation. The company has secured another project around Rs280 crore from Electricity Generating Authority of Thailand. The stock rose 1.03% to close at Rs83.15 on the BSE
OnMobile Global hit a new low, tanking over 8.12% to close at Rs 30.55, despite the company denying reports of a probe order against company's promoter and chief executive officer (CEO) Arvind Rao.
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