Government slashed customs duty on wind power equipment to 5% (five percantage), The scrap of FBT is a welcome move and definitely benefit the big corporate, especially the IT companies.

Positive for Suzlon Energy Ltd (CMP: Rs.89.10)

Chart Indicator: Highly Oversold

Spot Nifty has strong supports in the range of 4050--4080.....

ESSAR STEEL is close to acquiring a majority stake in Shree Precoated Steels of the Ajmera Group.

TATA STEEL’S sales volume surged by 22% to 1.4 million tonnes in the first quarter of the current fiscal on the back of robust demand from the auto and construction sectors.

The country's sugar consumption is seen to be up by 7.14% to 22.5 million tonnes during 2008-09 season, though production is seen lower at 15.5 lakh tonnes for the same period..

To help promote power generation through renewable sources of energy, the government reduced the basic customs duty to 5 per cent on permanent magnets, a major component for wind power projects, "I am reducing the basic customs duty on permanent magnets-- a critical component for Wind Operated Electricity Generators from 7.5 to 5 per cent," Finance Minister Pranab Mukherjee said while presenting the Annual Budget.

"It is imperative that the contribution of new and renewable energy sources of power is enhanced if we have to successfully combat the phenomena of global warming and climate change," he said.

"It is a welcome decision, we will see the Budget document and access how helpful will it be for the industry," Indian Wind Turbine Manufacturers Association Honorary Secretary V D Kalani told PTI.

The Ministry of New and Renewable Energy (MNRE) has fixed a target of 10,500 MW wind power during the current XIth Five Year Plan Period (2007-12).

During the 10th Plan (2002-2007), India saw installation of 5,426 Mw of wind power generation capacity, as against the target of 2,200 Mw.

India is currently the fourth-largest generator of wind power in the world with a capacity of 8,696 Mw.