Adani Acquires Korba West, Indiabulls to Buy Voltas Land in Mumbai

Marcus Jacob
24 Nov, 2014
New York City

Adani Power to acquired Korba West Power for Rs 4,200 crore. Astral Poly Tech acquired 76% stake in Resinova. Indiabulls emerged as the highest bidder for land parcel of Voltas for Rs 236 crore or $40 million. Patel Engineering quarterly net fell 67%.

[R]6:00 PM Mumbai – Adani Power to acquired Korba West Power for Rs 4,200 crore. Astral Poly Tech acquired 76% stake in Resinova. Indiabulls emerged as the highest bidder for land parcel of Voltas for Rs 236 crore or $40 million. Patel Engineering quarterly net fell 67%.[/R]

The Sensex Index advanced 164.91 or 0.6% to close at 28,499.54. The CNX Nifty added 52.80 or 0.6% to 8,530.15.

Gainers & Losers

Adani Power Ltd increased 2.6% to Rs 46.55 and the thermal power producer agreed to acquire Korba West Power project in Chattisgarh for about Rs 4,200 crore from Avantha group.

Astral Poly Technik Limited rose 0.6% to Rs 405.60 after the plumbing products maker acquired 76% stake in epoxy adhesives maker Resinova Chemie Ltd for Rs 212.8 crore.

Indiabulls Real Estate Ltd advanced 1.9% to Rs 80.85 after the real estate developer emerged as the highest bidder for land parcel of Voltas at Thane, Mumbai for Rs 236 crore.

Patel Engineering Limited jumped 3.1% to Rs 109.90 after the civil construction contractor reported net in the second-quarter plunged 66.7% to Rs 2.07 crore.

Total revenues dropped 4.7% to Rs 723.54 crore.

Rajesh Exports Ltd climbed 3.8% to Rs 169 after the gold and diamond jewellery maker won export order worth Rs 1,350 crore from Al Sultan Jewellery, UAE.

Tecpro Systems Limited declined 5% to Rs 15.65 after the material handling system provider reported net loss in the second-quarter widened to Rs 173.36 crore compared to Rs 147.08 crore.

Net Revenues plunged 70.4% to Rs 68.02 crore.

Va Tech Wabag Ltd gained 1.8% to Rs 1,628.25 after the company secured an order worth Rs 100 crore financed by World Bank from Maynilad to construction sewage treatment plant in Philippines.