Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.
Shares of global infrastructure service providers and environmental companies in India rallied on Monday after the Group of 20 leaders meeting in New Delhi agreed to prioritize projects that involve regional connectivity and promoting biofuels.
India’s state-run firms that plan and operate the country’s vast railways network were among top gainers on the S&P BSE 500 Index amid expectations that they will benefit from the ambitious regional connectivity deal signed on the sidelines of the G-20 summit in New Delhi. Firms benefiting from India’s initiative to launch a global alliance for promoting biofuels adoption, which is aimed at reducing emissions in the transportation and industrial sectors, also gained.
IRCON International Ltd., a specialized construction company which has executed railway projects in Iraq and Malaysia, rose as much as 19%. State-run peer Rail Vikas Nigam Ltd. jumped 18%. Praj Industries Ltd., which provides consultancy and engineering services to companies for setting up biofuels projects, including production of ethanol from molasses, rallied 15% in Mumbai.
