Govt bond yields rule steady

Agencies
Mumbai, Mar 9:
Indian federal bond yields were largely steady in early deals today as traders stayed on the sidelines eyeing the Reserve Bank of India's bond auction plan due to be released later this month.
At 9:19 a.m., the yield on the benchmark 10-year bond was at 8 per cent, steady at Monday's close. It had risen to 8.02 percent on Monday, its highest since Oct. 8, 2008, according to Thomson Reuters data.
Dealers said the 10-year bond yield bond would find support at around 8 percent but trading would be rangebound until fresh cues emerge.
The central bank would release later this month the size, frequency and tenure of bonds to be auctioned financial year starting on April 1, and traders said the calendar would show how the record Rs 4,57,000 crore of borrowing would be done without disrupting the market.

ABB bags $22 mn orders
Mumbai, Mar 9:
Power and automation technology firm ABB Ltd today said it has bagged orders worth $22 million (nearly Rs 100 crore) from Haryana Vidyut Prasaran Nigam for the supply of four sub-stations.
The company would deliver four sub-stations equipped with automation, protection and control systems to HVPNL, ABB said in a filing to Bombay Stock Exchange (BSE).
"These substations will help to enhance the reliability and efficiency of the transmission network in the state, improving power supplies to consumers and supporting economic development in the region," ABB India Vice Chairman and Managing Director Biplab Majumder said.
The scope of the project includes design, supply and installation of the substations and associated equipment, the filing said.
ABB Group of companies operates in around 100 countries.
Shares of ABB were trading at Rs 844.05 on BSE, down 0.27 per cent from its previous close.