India Movers: ABB, Lupin, Ramco Systems, Suzlon Energy, Tata Steel

Mukesh Buch
09 Apr, 2014
New York City

ABB India received a contract of $18 million from Power Grid Corp. Lupin received US regulatory approval to sale generic version of Actos of Takeda Pharma. Suzlon Energy sold its Illinois wind farm and obtained

[R]6:00 PM Mumbai – ABB India received a contract of $18 million from Power Grid Corp. Lupin received US regulatory approval to sale generic version of Actos of Takeda Pharma. Suzlon Energy sold its Illinois wind farm and obtained €850 million finance from banks. Tata Steel sold its New Zealand unit to a local player.[/R]

The Sensex Index climbed 358.89 or 1.6% to close at 22,702.34. The CNX Nifty jumped 101.15 to close at 6,796.20.

Gainers & Losers

ABB India Ltd jumped 2.2% to Rs 840.95 after the power equipment maker received a contract of $18 million from Power Grid Corporation of India Limited to construct a 400 kilowatt gas-insulated switchgear substation in Maharashtra.

Jaihind Projects Limited climbed 4.4% to Rs 18.95 after the company won order worth Rs 114.83 crore from Indian Oil Corporation.

Lupin Limited rose 2.2% to Rs 981.90 after the company said that it has received final approval from the U.S. Food and Drugs Administration to market a generic version of Actos tablets made by Takeda Pharmaceuticals USA, Inc.

Ramco Systems Ltd gained 1.4% to Rs 196 after the company’s U.S.-based subsidiary secured order from MHW, a service provider for wine, spirits, and malt beverage products in the U.S.

Suzlon Energy Ltd soared 7.4% to Rs 14.99 after the company sold a wind farm in Illinois, U.S.A. to reduce its $2.8 billion debt.

Separately, the company’s German subsidiary obtained €850 million or $1.2 billion financing from a consortium of banks for working capital to repay €750 million syndicated loan that expires in August.

Suzlon also considered an initial public offering of Hamburg-based Senvion to raise about €600 million.

The company reported a loss of Rs1,075 crore for the quarter ending in December compared to a loss of Rs1,154 crore a year earlier.

As on September 2013, Suzlon Group had a consolidated debt of Rs14,971 crore.

Tata Steel Limited increased 3.2% to Rs 419 after the steelmaker sold its New Zealand distribution unit to a local player Steel & Tube Holdings of New Zealand for Rs 140 crore or NZ$ 27.5 million.