Rupee up 11 paise against US dollar in early trade

MUMBAI: The Indian rupee gained 11 paise to Rs 45.41 against the US dollar in early trade on the Interbank Foreign Exchange on Thursday, supported by weakness of the greenback against other Asian currencies.

The rupee had depreciated by 3 paise to close at Rs 45.52/53 against the US dollar in the previous session on Tuesday on dollar demand from importers. The forex market remained was closed yesterday on account of Milad-un-Nabi.

Dealers said dollar weakness against other Asian currencies overseas supported the rupee sentiment, but a lower opening in the stock market capped the gains.

The Bombay Stock Exchange benchmark Sensex fell by 31.16 points to 18,269.74 in opening trade on Thursday.

TOI

Sensex opens 31 points lower on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by over 31 points in opening trade today as investors locked in gains registered during the previous four sessions.

The 30-share barometer, which rallied by nearly 840 points the previous four sessions, slid by 31.16 points to 18,269.74 points in the first few minutes of trade as realty, oil and gas and capital goods stocks succumbed to profit-booking.

In a similar fashion, the wide-based National Stock Exchange Nifty index declined by 7.90 points to 5,473.80 points.

Brokers said profit-booking by market participants, following a near 4.6 per cent rise in the Sensex during the past four sessions, influenced the trading sentiment.

They also said investors were adopting a cautious approach ahead of the Union Budget for the 2011-12 financial year.

Stocks of Reliance Communications fell by 1.25 per cent to Rs 98.45 after its chief, Anil Ambani, appeared at CBI headquarters in connection with the probe into the 2G scam.

Meanwhile, Hong Kong's Hang Seng index was up by 0.17 per cent, while Japan's Nikkei gained 0.69 per cent in early trade today. The US Dow Jones Industrial Average ended 0.50 per cent higher in yesterday's trade.

TOI

India's longest rail bridge in Kerala

NEW DELHI: The scenic Kerala backwaters can now boast of an engineering marvel — the longest rail bridge in the country at 4.62km. The bridge is part of a 8.6-km railway link connecting Idapalli to Vallarpadam in Kochi, where the shipping ministry has constructed the International Container Transhipment Terminal (ICTT).

Built by the Rail Vikas Nigam Ltd at Rs 200 crore, the bridge came up in a record 28 months.

The rail link between Idapalli railway station and ICTT can also boast green technology to address environmental concerns. The alignment cuts through densely populated habitations and backwaters. "We used minimum cement to reduce greenhouse effect," said a rail official. Land acquisition being a sensitive issue in Kerala, RVNL took an elevated route — a 40m-long girder erected at a curve of 2.5 degrees — to cut down on land use in densely populated areas and also go across the backwaters.

"This led to the conceptualization of a 4.62km-long elevated structure," RVNL managing director Satish Agnihotri told TOI.

The land was acquired in densely populated areas, thanks to an "out-of-box" solution. The compensation package did not pinch the displaced. Current market price of houses -- without any depreciation of the properties -- was offered. Also, a plot of similar size was allotted to the displaced in an equally or better developed area. Each family was paid rent for six months till the new house came up.

The project, which will serve as the first SEZ port in the country, will eliminate transhipment of goods from Colombo port to Indian ports. Mega mother ships and Panamax vessels can directly reach Vallarpadam. It will also save the cost of transportation by $300 per container, making export and import cheaper.

"The work had to be completed fast as the rail connectivity to the container terminal was a time-bound exercise being monitored by the Prime Minister`s Office," an official said.

The new bridge eclipses Dehri-on-Sone's record as the longest rail bridge in the country. The three-km-long bridge on the Sone River was constructed by the East India Railway in 1900.

TOI