India Movers: Crompton Greaves, Essel Propack, L&T, RCom

Mukesh Buch
26 Jun, 2014
New York City

Crompton Greaves in a consortium won

[R]6:00 PM Mumbai – Crompton Greaves in a consortium won €150 million project in Netherlands. Essel Propack acquired its subsidiary EP Lamitubes. L&T acquired 74% stake in Thales Software India. RCom raised about $500 million to finance the maturing debt.[/R]

The Sensex Index dropped 251.07 or 1% to close at 25,062.67 The CNX Nifty slipped 76.05 to 7,493.20.

Gainers & Losers

Crompton Greaves Ltd slid 0.8% to Rs 195.95 after the company in a consortium won €150 million an offshore wind project in the Netherlands.

Crompton covered 30% of the total project work and it expected to start in second-quarter of this year.

Essel Propack Limited climbed 5.9% to Rs 108.90 after the company’s board approved the merger of its subsidiary EP Lamitubes Ltd.

Larsen & Toubro Limited gained 1.3% to Rs 1,672.35 after the company’s subsidiary acquired 74% equity stake in Thales Software India, the subsidiary of Thales.

McLeod Russel India Limited fell 0.9% to Rs 299.60 after the company agreed to acquire a tea processing unit in Vietnam for around $2.1 million.

Reliance Communications Ltd declined 3.6% to Rs 146 after the company completed $500 million institutional offering. The proceeds are expected to be used to repay maturing debt.

Separately, the company plans to raise around Rs 1,300 crore or $217 million by issuing 86.7 million share warrants to its promoters.

As of the year ending in March, the company had a net debt of Rs 40,178 crore or $6.7 billion, more than five times of its operating profit and most-leveraged among listed wireless carriers.