Indiabulls Power, which is developing over 6,650 Mw from five thermal power projects by 2013, is planning to also bid for ultra mega power projects (UMPPs), besides foraying into renewable energy to grow as a major electricity producer. The company will bid for some of the coming UMPPs, after evaluating dedicated availability of coal and the market conditions, said Ranjit Gupta, chief executive officer, and Murali Subramanian, chief operating officer.
Shares of Indiabulls Real Estate fell by over 12 per cent, Indiabulls Financial Services by 11 per cent, Indiabulls Power Ltd by 11.8 per cent and Indiabulls securities by about five per cent.
Investors in many Indian companies would have a sense of deja vu after Facebook's public issue turned into a Wall Street debacle. For, over the past five years, Indian markets have been witness to many such breathlessly hyped Initial Public Offers (IPOs) which crashed in an equally spectacular way on the listing day and never recovered.
But he is actively pursuing greenfield steel plants in Karnataka and Jharkhand; ultimately, only one of these might come up.
The 30-share Sensex closed up 34 points at 27,831 and the 50-share Nifty ended up 15 points at 8,356.
More, many market gurus expect the Sensex to reach 30,000 levels by December and 40,000-45,000 in three to four years.
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