Shares of railway wagon makers will be in action as the Railway Minister Ms Mamata Banerjee presents rail budget for the year 2009-2010 in the parliament today. Wagon makers such as Titagarh Wagons, BEML and unlisted firm Jessop expect a boost in spending on long-distance, faster passenger trains and new metro rails at India's growing cities, to help gain orders. Currently, the railways places orders for wagons annually.
Rail operators, on the other hand, want stability in haulage charges to enable long-term contracts and reduce turnaround time. Arshiya International and Sical Logistics also have licences to run container trains in a market dominated by state-run Container Corp of India.
Reliance Industries (RIL) will partially shut down its old Jamnagar refinery (J-1) for 2-3 weeks to carry out maintenance work. RIL will shut a 325,000 barrels per day crude distillation unit (CDU) at J-1 from 3 July 2009, a company statement said. The company had planned maintenance shutdown at the 660,000 barrels per day J-1 in April 2009 but delayed it to enable the adjacent only-for-exports refinery (J-2) to start all of the main processing units. The second CDU at J-2 was started a few days back.
India's largest cement maker by sales ACC said its cement sales rose 1.11% at 1.81 million tonnes in June 2009 over June 2008.
Tech Mahindra on Thursday said it will request the Mahindra Satyam board to allot shares on a preferential basis to raise its stake in the
Hyderabad-based firm to 42.7% as the company's open offer received a tepid response
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