Mumbai Stocks and Rupee Advance, Reliance Jio Arranges $750 M Loan

Mukesh Buch
26 Sep, 2014
New York City

Emami agreed to acquire Rasoi Ltd. India Cements board approved Chennai Super Kings spinoff. JSW Energy enters talks to acquire three hydropower projects from Jaiprakash Power. Reliance Jio borrowed $750 million from Korea Exim Bank.

[R]6:00 PM Mumbai – Emami agreed to acquire Rasoi Ltd. India Cements board approved Chennai Super Kings spinoff. JSW Energy enters talks to acquire three hydropower projects from Jaiprakash Power. Reliance Jio borrowed $750 million from Korea Exim Bank.[/R]

Stocks in Mumbai trading gained after the rupee advanced 0.3% against the dollar and the U.S. based rating agency reiterated its view on the government debt and improved its outlook.

The rupee advanced 0.3% to 61.15 against one dollar and the Standard & Poor’s lifted its outlook on India’s credit rating to “stable” from “negative.”

The U.S. based agency generally holds critical views of emerging market debts and is far more lenient on the U.S. debt. The rating agency has also come under serious credibility issues after the housing market collapse in the U.S. that many believe was linked to the faulty rating on subprime lending by the agency.

The Sensex Index jumped 157.96 or 0.6% to close at 26,626.32 The CNX Nifty gained 57 to 7,968.85. For the week, Sensex dropped 1.7% and CNX Nifty declined 1.9%.

Gainers & Losers

Cipla Limited rose 0.5% to Rs 611.50 after the company signed sub-licensing agreement with United Nations-backed Medicines Patent Pool to manufacture generic anti-AIDS drug.

Emami Ltd slid 0.8% to Rs 689.90 after the edible oil and bio-diesel subsidiary agreed to acquire Rasoi Ltd from Rasoi Group for Rs 20 crore.

India Cements Limited climbed 4.7% to Rs 113.45 after the company's board approved the proposal to spinoff Chennai Super Kings.

JSW Energy Limited fell 0.4% to Rs 72.05 and the company is in talks to acquire three hydropower projects from Jaiprakash Power Ventures.

Mangalore Chemicals & Fertilizers Ltd surged 19.9% to Rs 88.10 after Deepak Fertilisers and Petrochemicals Corporation raise its open-offer to acquire additional stake in the company.

Reliance Industries Limited increased 0.5% to Rs 933.60 after its subsidiary Reliance Jio raised $750 million through a loan from Korea Exim Bank.

Strides Arcolab Limited gained 1.1% to Rs 642.80 and the company may receive $150 million as the full and final settlement from U.S-based Mylan Inc. for Agila Specialties Pvt Ltd.