Punj Lloyd Ltd said it won a contract, worth Rs96 crore, from Hyundai Engineering & Construction Co Ltd.
In a regulatory filing, the company said its scope of work includes installation of steel structure, equipment and piping on habshan-5 utilities & off-sites project in UAE.
On Thursday, Punj Lloyd shares ended 1.9% up at Rs117 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.7% up at 17,022 points.
Goldman said inflation would prompt a further tightening of policy rates by the RBI, but added that the hike is not expected before the next policy meeting on July 27
Goldman Sachs today said India's inflation will remain high at 7.5% during the current fiscal on the back of strong demand, leading the Reserve Bank of India (RBI) to further tighten policy rates to rein it in, reports PTI.
"With demand remaining strong, we think core inflation will likely remain elevated through FY11, and maintain our above-consensus inflation forecast of 7.5%," Goldman Sachs said.
It said inflation would prompt further action, to tighten the policy rates by the RBI but added that the hike is not expected before the next policy meeting on July 27.
"We persist with our view that effective policy rates may rise by 300 basis points (bps), or 3%, in 2010. Indeed, effective short-term policy rates have risen by some 200 bps year-to-date, with the recent liquidity tightening playing a large role," Goldman said.
Inflation has been ruling high over the past few months, leading the central bank to hike policy rates twice in the past couple of months to contain price rise. Driven by higher prices of pulses, milk and fruits, food inflation rose to 16.55% for the week ended 2nd May.
The overall inflation for April, that includes food and manufactured goods, stood at 9.59%, a tad less than 9.90% in March.
On the country's economic growth, Goldman retained its forecast of 8.2% for FY11, as against the government expectation of 8.5%.
Glenmark Pharmaceuticals Ltd, said it appointed Dr Penelope (Penny) Ward as its new president for clinical research and development (R&D) and chief medical officer.
Dr Ward will be based at Glenmark’s Clinical R&D centre at Oxford in UK. She will oversee the entire clinical development activity for both new chemical entities (NCEs) and new biological entities (NBEs), the company said in a regulatory filing.
Currently, Glenmark has eight programs in clinical development of which six are NCEs and two are NBEs. In her role as chief medical officer, Dr Ward will also guide all medical activities across Glenmark's branded generic markets.
On Thursday, Glenmark ended 0.5% down at Rs264 on the Bombay Stock Exchange, while the benchmark Sensex closed 1.7% up at 17,022 points.