Shares of firms which are potential beneficiaries of the Indo-US nuclear
deal surged after the Indian government last night won parliamentary vote of
confidence, clearing the way for the landmark civilian nuclear deal with the
US..
Gammon India (up 11.9% to Rs 235.50), Reliance Infraqstructure (up 8.67% to
Rs 999), Bharat Heavy Electricals (up 8.23% to Rs 1,729), Hindustan
Construction Company (up 8.61% to Rs 97.75), Alstom Projects India (up 7.7%
to Rs 454.05), Crompton Greaves (up 6.25% to Rs 248.05), Tata Power Company
(up 5.53% to Rs 1,170), Rolta India (up 5.01% to Rs 291.50), Walchandnagar
Industries (up 5% to Rs 275.30), Areva T&D India (up 4.75% to Rs 1694),
Larsen & Toubro (up 4.13% to Rs 2,679), National Thermal Power Corporation
(up 4% to Rs 192.40), ABB (up 4.66% to Rs 928), surged.
The BSE Sensex was up 567.33 points or 4.02% to 14,671.59 as the trust vote
ended political uncertainty. A further fall in oil prices and firm global
markets also boosted sentiments.
The nuclear deal will give India access to US nuclear fuel and technology
without joining the 1970 Nuclear Non-Proliferation Treaty. It is potentially
worth billions of dollars to US and European nuclear supplier companies and
would give India more energy alternatives to drive its booming economy.
The deal has to be approved by the International Atomic Energy Agency and
the 45-nation Nuclear Suppliers Group, which monitors sales of nuclear
technology. Most big powers have backed the deal. The news of the Indian
government winning the trust vote was welcomed by the White House. US
officials had been openly saying that time was running out for the deal. The
US Congress also has to vote on the accord, which US President George W Bush
had hailed as one of his major policy achievements.
As far as Larsen & Toubro is concerned the company has done engineering,
procurement and construction projects for nuke power plants. It is currently
working on the 2,000 megawatt Kudankulam nuclear project.
Bharat Heavy Electricals supplies up to 500 megawatt of equipment to Nuclear
Power Corporation. It has an existing tie-up with Siemens for nuclear
technology.
National Thermal Power Corporation is reportedly in talks with Nuclear Power
Corporation of India for setting up a 2000 megawatt nuclear plant.
Areva T&D is reportedly looking at a plant for uranium mining and recycling.
The plant would be set up after nod from Nuclear Power Corporation.
Alstom Projects India already makes nuclear reactors and rotors. Its parent
company is a world leader in conventional nuclear projects. It makes
turbines for nuclear power stations.
Rolta India along with its joint venture Stone and Webster provides
reactor-building technology. Stone & Webster's parent has 20% in
Westinghouse Electric, a nuclear reactor maker.
Gammon India has undertaken turnkey construction for nuclear projects.
Hindustan Construction Company has constructed four nuclear power projects
in India. It is an engineering procurement and construction contractor for
nuclear projects.
ABB makes components for power projects. Its parent company's exposure
includes new nuclear power plants, systems and components.
Crompton Greaves works with Nuclear Power Corporation of India. It has
completed a switchyard for nuclear project.
Walchandnagar Industries makes critical equipment for India's nuclear power
facilities.
Reliance Energy reportedly plans to invest additional Rs 12,000 crore in
nuclear power capacity. It plans to install 2000 megawatt of nuclear power
capacity.
Tata Power Company has tied up with some major nuclear equipment suppliers
like Areva. It already has a relationship with Toshiba
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