By Nilesh Waghela
Amid country’s growth slowing down, the world economy reeling from rising inflationary pressures and fears that the Federal Reserve will tighten again, what reason did the stock market find for a jump of nearly 1,000 points on weekend? In response to this question, following are the reasons the market experts stated.
The first important reason, according to market sources is considered to be the resumption of buying in the Indian stock market by foreign institutional investors (FIIs).
According to data received from the exchange, FIIs on Thursday traded in the Indian stock market at Rs. 12,770.81 crore.
Another immediate cause is the Adani effect. US investment firm GqG Partner’s nearly $2 billion investment in Adani’s shares has boosted sentiment. All Adani stocks rose after reports that US boutique investment firm GqG Partners Inc has bought $1.87 billion (roughly Rs 15,446 crore) worth of stake, in four Adani group companies.
Naturally, on the back of Adani’s shares, bank stocks also surged, giving the benchmark further support. Apart from this, other reasons include the strengthening of the rupee against the dollar in the foreign exchange market, the decline in US bond yields and the decline in crude oil prices in the international market.
While refraining from giving any clear indication about the next move of the market, the experts expressed an opinion that looking at the optimism seen in the market, it seems that the market will see a bounce back in the short term. However, there is also concern that global interest rates and higher valuations may increase volatility in the market in the medium term.
Patel Eng Ltd bags Rihand Micro Irrigation Project
Patel Engineering Limited, a civil construction Company specialized in the hydropower and irrigation sector, has announced that the Company along with the JV Partners have received letter of award for Rihand Micro Irrigation Project from Department of Water Resources, Madhya Pradesh, which was declared as L1 earlier.
The Company being 80% partner in the JV, its share in the project is Rs. 5,120.47 million.
About the Project
Description : Construction of a Pressure irrigation system to supply water through the Rising/ Gravity mains by pressurized pipeline system for micro irrigation under Rihand Micro Irrigation Project, State of Madhya Pradesh.
Value of Contract: Rs. 6,400.59 million
Time Period : 36 months
Location :Singrauli District – Madhya Pradesh (237 Km from Varanasi Airport. 359 Km from Ranchi)
Type of Contract: EPC Turnkey Basis
