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.

Punj Lloyd clinches a Rs 735 crore BOT Annuity project from NHA

 Punj Lloyd Group subsidiary, Punj Lloyd Infrastructure Limited (PLIL), which has been set up for implementing Infrastructure Development projects,  announced that it has received a Letter of Award from National.Highways Authority of India (NHAI) for upgradation of NH-31 from Khagaria to Purnea in Bihar to a two-laned, undivided carriageway with paved shoulders, under the NHDP III (National Highways
Development Programme – III) on BOT Annuity basis.  The estimated cost of the project is Rs 735 crore. The scope of work involves Design, Build, Finance, Operate and Transfer of the 140 km section of the National Highway. PLIL will form a Special Purpose Vehicle (SPV), which will be signing a Concession Agreement with NHAI for 17 years and will be entitled to semi annual annuities of Rs 56 crore

Markets on a uphill after 3-day fall

It was a stable day for the Indian market which, on positive cues from the US and Asia, traded firm on the back of buying in most sectors, but more particularly in realty, pharma and infrastructure. Frontline stocks led the gainers in today's session but the market, however, gave up some gains in afternoon trade and closed off the day's high. Sensex shut shop at 17988, up 149 points and Nifty at 5413, up 49 points from the previous close.

Jyothy Labs to turnaround Henkel biz

The Mumbai-based Jyothy Laboratories, which last week acquired a 14.9% stake in Henkel India, is looking to aggressively turnaround the business if it triumphs in its bid for parent Henkel AG's 50.97% in the Indian unit.
Jyothy Laboratories's Vice-Chairman Ulhas Kamath said the firm was looking to turn Henkel profitable in a year or two. 'It has to happen as quickly as possible. For that we will use every lever possible from manufacturing to distribution to brand-building,' he said.Mr Kamath admitted that Jyothy Laboratories would have to invest substantially in the first year to revive the health of the business, something that has made investors jittery since the 14.9% acquisition last week.