 "Capital goods shares rally")
Shares of capital goods companies have rallied up to 20% on the bourses in noon deals on the Bombay Stock Exchange (BSE).
ABB, Larsen and Toubro (L&T), Siemens, SKF India and Crompton Greaves are up between 5-23%.
The BSE capital goods index, the largest gainer among sectoral indices, was up 5% as compared to 2.8% rise in benchmark S&P BSE Sensex at 1200 hours.
ABB has zoomed 23% to Rs 585, its sharpest single day rally in past several years on back of heavy volumes on BSE. Zurich-based ABB's group executive committee member Brice Koch is upbeat about business prospects in India.
L&T surged 7% to Rs 807 after the company said it has acquired 25% more orders and expected to maintain margins for the current fiscal.
“The current economic situation has impacted the business of the company, especially ‘infrastructure’. In this backdrop of difficult economic scenario, the company has successfully acquired 25% more orders; and expected to maintain the margins for 2013-13,” said A.M.Naik, chairman while answering questions raised by the shareholders in AGM.
The company envisaged that the Indian defence sector is likely to open up and provide opportunities for building defence vessels, the chairman said.
ABB, Larsen and Toubro (L&T), Siemens, SKF India and Crompton Greaves are up between 5-23%.
The BSE capital goods index, the largest gainer among sectoral indices, was up 5% as compared to 2.8% rise in benchmark S&P BSE Sensex at 1200 hours.
ABB has zoomed 23% to Rs 585, its sharpest single day rally in past several years on back of heavy volumes on BSE. Zurich-based ABB's group executive committee member Brice Koch is upbeat about business prospects in India.
L&T surged 7% to Rs 807 after the company said it has acquired 25% more orders and expected to maintain margins for the current fiscal.
“The current economic situation has impacted the business of the company, especially ‘infrastructure’. In this backdrop of difficult economic scenario, the company has successfully acquired 25% more orders; and expected to maintain the margins for 2013-13,” said A.M.Naik, chairman while answering questions raised by the shareholders in AGM.
The company envisaged that the Indian defence sector is likely to open up and provide opportunities for building defence vessels, the chairman said.