Vibrant Gujarat Draws World Investors, Rupee Advances

Mukesh Buch
13 Jan, 2015
New York City

Seventh biennial Vibrant Gujarat drew investors from around the world but investment commitments are rarely followed through. IndusInd Bank net climbed 29%. RCom secured contract worth 750 crore rupees from the India-based and UK-focused Vertex.

[R]6:00 PM Mumbai – Seventh biennial Vibrant Gujarat drew investors from around the world but investment commitments are rarely followed through. IndusInd Bank net climbed 29%. RCom secured contract worth 750 crore rupees from the India-based and UK-focused Vertex.[/R]

Investors showed growing interest in the seventh biennial investment summit organized in Gujarat.

Domestic and foreign corporations announced 21,000 new agreements primarily in energy and electricity distribution and manufacturing projects.

Investment commitment announced totalled to $400 billion or 25,000 abaj rupees, according to Gujarat Chief Minister Anandiben Patel.

The investment projects are spread over several years and may take as many as seven years to complete.

At the last summit held in 2013, a total of 12,000 abaj rupees of projects were announced and less than 2% of that amount has been invested in the state after two years.

Stocks in Mumbai gained for the second day in a row and the rupee jumped 1.6% after foreign investors stepped up exposure to Indian bonds.

Indian rupee strengthened to 62.14 against the U.S. dollar after global funds added net $26.4 billion of Indian government and corporate bonds.

The Sensex Index dropped 159.54 or 0.6% to close at 27,425.73. The CNX Nifty fell 23.60 or 0.3% to 8,299.40.

Gainers & Losers

Biocon Limited advanced 1.6% to Rs 426.50 after the biopharmaceutical product maker decided to sell its 10% stake in its research arm Syngene worth Rs 380 crore to IVF Trustee Company.

CMC Limited slumped 1.8% to Rs 1,900 after the consumer service provider said net in the third-quarter gained 2.24% to Rs 72.12 crore.

Sales climbed 13.76% to Rs 638.12 crore.

Crompton Greaves Limited dropped 1.5% to Rs 187.20 after the consumer product provider signed an agreement with France-based Arelis to supply electronics components for aerospace and defence projects.

Era Infrastructure Engineering Limited climbed 4.9% to Rs 6.97 after the infrastructure developer secured a contract worth Rs 328.71 crore for road development project in Chattisgarh.

IndusInd Bank slipped 1.1% to Rs 822.55 after the financial service provider said net in the third-quarter climbed 28.91% to Rs 447.19 crore.

Net revenue jumped 16.16% to Rs 3,047.70 crore.

Reliance Communications Limited dropped 1.9% to Rs 76.45 after the telecom operator secured a contract worth Rs 750 crore from the India-based UK-focused Vertex.

Shilpi Cable Technologies Limited declined 2.7% to Rs 53.90 after the cable maker reported net in the third-quarter soared 26.89% to Rs 40.02 crore.

Net sale surged 92.04% to Rs 859.84 crore.