India is ramping up spending on infrastructure to help secure states that border Pakistan and China, providing a boost to building companies that are grappling with the worst economic slowdown in a decade.
Punj Lloyd Ltd., India’s third- largest engineering company, is counting on peace in war-torn Libya to help revive 17 percent of its orderbook and sustain profit for a second straight year as growth slows at home.
Bharti Airtel Ltd. , India’s largest mobile-phone operator, and Punj Lloyd Ltd., an engineering company, didn’t renew offers to buy the government’s stake in a wireless services provider in the northwestern state of Rajasthan.
India’s Bombay Stock Exchange Sensitive Index, or Sensex, fell 182.93, or 1 percent, to 17,592.77, at the 3:30 p.m. close in Mumbai, the lowest level since July. Shares of the following companies had unusual moves in Indian trading and stock symbols are in parentheses.
Punj Lloyd Ltd. gained in Mumbai trading after agreeing to sell power from a proposed 5 megawatt solar project in Rajasthan state to NTPC Vidyut Vyapar Nigam Ltd. The shares rose as much as 1.3 percent.
SolarWorld AG, together with its partners, will produce up to 8,000 tons of silicon per annum in Qatar in the future. Its joint venture Qatar Solar Technologies awarded a contract for the construction of a silicon factory there to India’s Punj Lloyd Group. The total investment amounts to $1 billion.
Punj Lloyd Ltd. gained as much as 2.1 percent in Mumbai after Qatar Solar Technologies, a unit of the Qatar Foundation, awarded an engineering, procurement and construction contract to Punj Lloyd Group. The shares rose 1.6 percent to 53.25 rupees at 9:16 a.m. local time.