Briefly Business

Indian ADRs shed 4.82 bn last week

NEW YORK: Indian stocks trading on American bourses collectively witnessed the erosion of nearly 5 billion in valuation last week,with IT major Wipro and private sector lender HDFC Bank accounting for most of the losses. In the week ended October 22,the 15 Indian entities listed as ADRs together lost 4.82 billion from their market cap.

GDP to grow 8.2 pc in FY 11: Crisil

MUMBAI: Leading rating agency,Crisil,expects the country8217;s GDP to grow by 8.2 per cent current fiscal and continue with the same momentum for the next decade courtesy the consumption arising out of India8217;s demographics. We expect the Indian GDP gross domestic product to grow 8.2 per cent in 2010-11 as there is a lot of demand,plus the rains have also been good this year which will help the agricultural sector grow by 5.5 per cent, Crisil MD Roopa Kudva said.

GE gets RPower order for AP plant

Mumbai: Reliance Power has placed the main plant equipment order for its 2400MW gas-based Samalkot expansion power project in Andhra Pradesh with GE. The project is expected to commence generation by March 2012 under the 11th five year plan. The order entails a project outlay of over Rs 10,000 crore and is the largest order for GE Energy in India. GE will also be providing maintenance.