Infrastructure company Punj Lloyd Ltd said it formed a 50:50 joint venture (JV) with French firm Nuvia for providing engineering and support services to India's emerging nuclear sector. No financial details were provided.
The JV will be incorporated between PL Engineering, a group company of Punj Lloyd, and Nuvia India-the Indian arm of the French company.
The proposed JV between the two companies would initially focus on providing services to the Indian nuclear sector, which is expected to increase its power generation capacity to 20,000 MW by 2020 from the existing over 4,500 MW.
The JV, once incorporated, would also look for opportunities in the growing markets such as Abu Dhabi and South Korea.
Besides this, PL Engineering could also transfer its existing orders of about Rs15 crore, received from the Nuclear Power Corp of India Ltd, to the proposed JV as a platform. The proposed JV will also focus on training and creating a pool of about 250 engineers in the nuclear services sector.
On Thursday, Punj Lloyd shares declined 0.2% to Rs126 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.
Larsen & Toubro Ltd (L&T) said its material handling arm received orders worth Rs700 crore from various customers for construction-related work.
The company has received Rs375 crore order from Jabalpur Municipal Corporation. The project is funded under Jawaharlal Nehru National Urban Renewal Mission (JNNURM) and has to be executed in 30 months, said the company in a press release.
Further, L&T has won Rs165 crore order, which is to be executed in 21 months, from Haryana State Industrial and Infrastructure Development Corporation for developing infrastructure facilities in the industrial estates located in Panipat and Rai. Besides, Bhushan Steel has awarded Rs160 crore order to the company for the material handling works in their steel plant in Orissa, the company said in a release.
On Thursday, L&T shares gained 0.5% to Rs2,044 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% up at 20,069 points.
New Delhi: Commodity market regulator Forward Markets Commission (FMC) today lifted the ban on trading in sugar futures, as retail prices of the sweetener have dropped by 40% since January and also buoyed by expectations of a bumper output in 2010-11, reports PTI.
"We have allowed to lapse the ban on sugar futures trading today," FMC chairman B C Khatua told PTI.
He said FMC would take a decision on launch of new contracts in 2-3 days after consultation with sugar industry and commodity exchanges.
The government had banned futures trading in sugar in May last year to control prices in the domestic market. India, the world's second largest producer and biggest consumer, has been importing sugar from February 2009 to meet domestic demand.
However, the output in 2010-11 (October-September) is expected to rise to 25 million tonnes from 19 million tonnes in the current sugar year, which runs from October to September. Annual demand is 23 million tonnes.
The prices have crashed to Rs30-Rs32 per kg in the retail market of Delhi from a record Rs48 a kg in the mid-January.