The Indian equity benchmark ended higher for the third consecutive session on March 10, helped by buying across sectors. At close, the Sensex was up 817.06 points or 1.50% at 55,464.39, and the Nifty was up 249.50 points or 1.53% at 16,594.90.
Larsen and Toubro | CMP: Rs 1,725 | The share gained 2 percent after the company secured orders worth between “Rs 1,000 and 2,500 crore”. The Railways SBU of L&T Construction’s Transportation Infrastructure IC has secured an Engineering, Procurement and Construction (EPC) order from IRCON International. It involves 25 kV Overhead Electrification, Signaling & Telecommunication, and associated works for 549 RKM/678 TKM railway lines pertaining to the Northeast Frontier Railway. Also, the Factories Business of Buildings and Factories IC has secured a prestigious order from a global FMCG manufacturer for Design and Construction of a food processing facility in Gujarat, India.
Kalpataru Power | CMP: Rs 387 | The scrip gained over 2 percent after the company received a letter of intent for a Rs 3,276-crore job in international markets. Kalpataru Power Transmission has received a Letter of Intent (LoI) for power transmission and distribution project in international markets, the company said in its release. The letter is for a prestigious project involving design, engineering, supply and construction of HVDC power transmission line of 700 km. The estimated value of the project stands at Rs 3,276 crore ($ 431 Million).
Exide Industries | CMP: Rs 151.30 | The stock added over 2 percent after the firm entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd (SVOLT). SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialise necessary technology and know-how owned by them for lithium-ion cell manufacturing in India. SVOLT will also provide the support required for setting up of a state-of-the-art greenfield manufacturing plant on a turnkey basis, the company said in its release.
Bharti Airtel | CMP: Rs 338 | The share price ended in the green after the telecom operator entered into an agreement to acquire a 9 percent equity stake in Avaada CleanTN Project Private Limited, a special purpose vehicle. This SPV has been formed for owning and operating a captive power plant. Motilal Oswal has given a buy rating to the stock with a target price of Rs 910 apiece. The research and broking firm sees an upside of 29 percent from the current level.
PNB Housing Finance | CMP: Rs 412.50 | The scrip ended in the red after rising 4 percent the previous day. The housing finance company has approved a fundraise of up to Rs 2,500 crore through a rights issue. The lender said that the issue price, rights entitlement ratio, record date, timing and terms of payment would be determined in due course.