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Larsen & Toubro has bagged a Rs 2,000-crore order from GMR Energy for setting up a 2x384 MW gas-based power plant at Vemagiri near Rajahmundry, Andhra Pradesh. The work includes design, detailed engineering, supply, installation and commissioning of the plant on a turnkey basis. L&T-Sargent and Lundy, a subsidiary of L&T, will carry out the plant integration and detailed engineering, using the propriety technology of Sargent and Lundy, US. L&T will design and manufacture critical equipment such as heat recovery steam generators, condensers, cooling towers, switchgears and valves. The plant will have advanced class gas turbines and high efficiency steam turbines, which will be procured by L&T. Construction, installation, commissioning and project management will also be done by the company. The project is scheduled for completion in the 11th Plan. L&T set up a similar plant of 388.5 MW for GMR at the same location in 2006.

Reliance Communications Ltd has informed the BSE that the board of directors of the company at its meeting held on September 22 has approved the proposal by Reliance Infratel Ltd, a subsidiary of Reliance Communications Ltd, to undertake an Initi al Public Offering of equity shares of the company. The net issue will constitute 10.0% of the post-Issue paid-up equity capital of the company. The draft red herring prospectus for the IPO will be filed by Reliance Infratel Ltd with SEBI shortly.

Hindustan Oil Exploration Company (HOEC) on Tuesday said its ongoing dispute with state-run gas utility GAIL in relation to sale of natural gas from PY-1 Field has been settled. In a filing to the BSE, HOEC said as the operator of PY-1 Field, it has executed a tripartite settlement agreement with GAIL India and PPN Power Generating Company in this regard. The tripartite settlement agreement entails the termination of natural ga s sale and purchase agreement with PPN and settlement of the ongoing dispute with GAIL in relation to the sale of natural gas from PY-1 field. HOEC, which has a 100 per cent operated participating interest in PY-1 Field expects it to generate an annual revenue of more than $65 million upon reaching first plateau production. The PY-1 is an offshore field of Cauvery Basin.

Gujarat NRE Coke Ltd has informed the BSE that the board of directors of the company at its meeting held on September 19 has decided to issue "B" Equity Shares of Rs. 10 each (shares with differential voting rights) carrying lower voting rights i.e. 1 voting right carried by every 100 "B" Equity Shares as compared to 1 voting right carried by each equity share of the company as bonus shares in the ratio of 1"B" equity share of Rs. 10 each for every ten existing equity shares of Rs. 10 each of the company on a record date to be fixed by the Board subject to the approval of the shareholders. The company informed the BSE that a meeting of the Board of Directors of the company will be held on September 24 to consider issue of Securities (including Foreign Currency Convertible Bonds) for an amount not exceeding $60 million (Rs. 300 crore) also to issue 2.50 crore convertible warrants to promoters /promoter group companies.

Giving a clear indication of industrial revival, factory output grew by 6.8 per cent in July this year, more than 6.4 per cent in the same month a year ago. The industrial recovery may offset for slackening of agricultural production being impacted by erratic monsoon and help the economy clock a reasonable growth in the second quarter. For the first four months of this fiscal, the industry grew by 4.6 per cent compared with 5.6 per cent a year ago. The manufacturing sector, which constitutes around 80 per cent in the industrial production, grew by 6.8 per cent in July against 6.9 per cent in the same month last year. Mining output grew robustly by 9.9 per cent (2.8 per cent). The electricity gener ation expanded by 4.2 per cent during July against 4.5 per cent in same month last year and consumer durables sector expanded rapidly by 19.8 per cent (13.9 per cent). Only capital goods sector performed dismally, clocking a mere 2 per cent growth against a whopping 17.9 per cent the year ago

India's exports slid for the 11th straight month in August by 19.7 per cent to $14.3 billion owing to the continuing slump in global demand. In August 2008, the exports were $17.8 billion. In April-August this fiscal, the overseas shipment contracted by 31.3 per cent to $63.9 billion from $93.1 billion in the same period last year. For the first five month of 2009-10, three sectors - rice, tobacco and fruits and vegetables - have shown pos itive growth, Commerce Secretary Mr Rahul Khullar said. Only in August, segments like rice, tobacco, fruits and vegetable, marine products, iron ore, man-made yarn and fabrics, some minerals, like coal, and ready made garments have shown positive growth, Mr Khullar said. “Sectors which continue to be in deep trouble are leather, gems and jewellery, drugs and pharmaceuticals both in monthly and cumulatively for the last five months,” he said. The exports of gems and jewellery in August dipped to $2.2 billion from $2.9 bil lion in last year. In Apr

IVRCL Infrastructures & Projects today said it has bagged orders totaling to Rs 557 crore from the government of Maharashtra. The company has bagged Rs 400 crore worth of orders for the construction of roads and Rs 157 crore worth of orders for water pipeline laying for the Tiroda Thermal Power Project, both from the government of Maharashtra, the company said in a filing to the Bombay Stock Exchange.

Jaypee Hydro on Thursday said its 1,000 MW project in Himachal Pradesh would be commissioned in the second half of the next calendar year. “The 1,000 MW Karcham Wangtoo project in Himachal Pradesh would be commissioned between June and Decembe r 2010,'' said Mr D G Kadkade, Director, Jaypee Hydro.The total cost of the project is Rs 6,000 crore.