The Mint Report for 17 August 2011

The Mint Report for 17 August 2011

New Delhi: Utility giant NTPC could transform the way it orders the critical machinery. It wants to give private firms a fair chance at bagging big contracts. NTPC is planning to end its old bulk-order system of issuing tenders. These tenders had requirements that effectively ensured government-run BHEL would win orders. NTPC says it wants to change its tendering system because even foreign manufacturers are setting up shop locally. The company believes placing orders with private firms will still be in line with its goal of encouraging Indian manufacturing.

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Indian markets are back in the green after three days of losses. Investors looking for bargains took shares across sectors on an upward trajectory. The Sensex jumped 110 points to 16,841. And the Nifty climbed 21 to 5,057.

IT stocks were among the day’s big gainers. The country’s biggest software firm, TCS, surged 3.13% on the BSE to 1,004.55. And Infosys jumped 2.36% to 2,449.15. Wipro made a more modest gain of one percent to 344.25.