Tag Archives: Asia

Indian Markets Recover; Asian Markets Lower

Indian Markets bounced back on Thursday with NSE Nifty strongly over 5000 mark and BSE Sensex nearly a per cent higher at 16635.

Gold was trading at 28,440 per 10 grams while Silver was nearly a per cent down at 54,700.

In today’s trading session, IDFC was up by 5% at Rs 121. Cairn India was trading higher by 3.9% at Rs 320. BHEL and Kotak Mahindra Bank were also among major gainers.

After yesterday’s rally, pharmaceutical major Ranbaxy Labs was trading lower today. PNB was also trading lower. Among other losers were auto major Maruti Suzuki and technology leader Infosys Technologies.

Indian markets are expected to close positive today. Among sectoral indices, BSE Auto was up by 101 points. Capital Goods and BSE Metals indices were also trading with decent gains.

Investors put $425 million in Asian Genco

Singapore-based, Asian Genco Pte Ltd is about get an infusion of $425 million by a group of foreign investors. This includes Morgan Stanley’s infrastructure arm, Goldman Sachs and General Atlantic.

There are other firms also who are aiming to grab a share in the company. These include Norwest Venture Partners, Everstone Capital and PTC India Financial Services.

The news was revealed by General Atlantic.

The private equity firms are aiming to grab a share in the Indian power sector through this investment.

Asian Genco holds big assets in India and is looking forward to build a portfolio of 10,000 megawatts (MW) of power generation assets by 2012.

Gautam Bhandari, MD, Morgan Stanley Infrastructure, India said that the company is trying to raise funds through these investment options for the purpose of making this portfolio and to be able to fund its ongoing projects. He was talking to a private news agency, Reuters.

Currently, it has 3,900 MW under itself.

He also did not reject the option of coming up with a public issue. But, Bhandari believes that this is not the right time for that and they need to wait for some more time.