FIIs propel markets to new highs this week

The Indian markets maintained its uptrend for the second week in a row. Strong buying by foreign institutional investors (FIIs) played a major role in boosting the markets. Positive global cues and a decline in food inflation provided further support. The markets witnessed good rollovers on March F&O expiry day. The key indices attained new highs this week on the back of robust FIIs, with the Sensex crossing 19400 levels and the Nifty above the 5800 mark. The Sensex fluctuated around 775 points between a high of 19575 and a low of 18800 and closed the week at 19420, higher by 605 points or 3.21%. The Nifty swung about 229 points and ended the week at 5826, up 172 points or 3.04%

Voltas plans new investments

Voltas said a limited liability company-Voltas Oman LLC-was incorporated in the Sultanate of Oman with an initial capital of Omani Royal 500,000 to be held in the proportion of 65% by Voltas Group and the balance 35% by Mustafa Sultan Group.The JV will engage in the business of executing electro-mechanical projects in the Sultanate of Oman, it said.In May last year, a memorandum of understanding was executed between Voltas and Mustafa Sultan Group to form a joint venture in the Sultanate of Oman, after completing the lega procedures Upon receipt of requisite approvals and capital contribution from both the joint venture partners, the board of Voltas Oman LLC has allotted shares totaling Omani Riyal 500,000 to the joint venture partners in the aforesaid proportion, whereby Voltas Oman LLC became a subsidiary of Voltas effective March 27, 2011.