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Friday, November 16, 2012

Scomi eyes RM5bn Chennai monorail project (BT)

Scomi Engineering expects to submit its bid for a RM5bn monorail project in Chennai, the capital city of Tamil Nadu by mid-2013. "We are preparing the tender documents for the project. We hope to submit the bid by March or June," said its president (rail) Suhaimi Yaacob. If the group gets the job, it would be its second major monorail project  in  India.  In  November  2008,  Scomi  and  consortium  partner  Larsen  &  Toubro  secured  a  RM1.8bn monorail project in the financial district of Mumbai. (BT)

Smartbiz: SCOMI staged a rebound in last session but closed off high due to the weak market. Based on charts, Scomi has found its support at 0.38 and all indicators indicating the consolidation is near to completion. The upside resistances are: 0.405, 0.415, o.43 and 0.445... . This report is considered as neutral at the moment but the board tussle might steer up some ripples soon.

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