India to Sell 5% in SAIL, India to Recover $160 M from Oil Contractors

Mukesh Buch
04 Dec, 2014
New York City

Central Bank plans to raise about Rs 626 crore. Strides Arcolab plans to construct biopharmaceutical manufacturing facility in Malaysia. Government of India is looking to recover $160 million on KG-D6 block from contractors.

[R]6:00 PM Mumbai – Central Bank plans to raise about Rs 626 crore. Strides Arcolab plans to construct biopharmaceutical manufacturing facility in Malaysia. Government of India is looking to recover $160 million on KG-D6 block from contractors.[/R]

The Sensex Index advanced 120.11 or 0.4% to close at 28,562.82. The CNX Nifty gained 26.75 or 0.3% to 8,564.40.

Gainers & Losers

Central Bank of India rose 0.1% to Rs 80 and the financial service provider plans to raise about Rs 626 crore through a preferential issue to Life Insurance Corporation.

Strides Arcolab Limited jumped 5.2% to Rs 976.65 after the pharmaceutical product maker’s plans to construct biopharmaceutical manufacturing facility in Malaysia for about $60 million or Rs 360 crore.

National Buildings Construction Corporation Limited climbed 5.5% to Rs 877.60 after the real estate developer signed a deal with Air India to develop land projects at various locations.

NMDC Limited advanced 1.1% to Rs 139.85 and the iron ore producer expects production to jump more than three-fold to 100 million tons by 2024-2025.

Reliance Industries Limited fell 0.8% to Rs 958.55 and the government of India is looking to recover $160 million or Rs 960 crore on its KG-D6 block from the contractors for sharply dropping the natural gas production.

Reliance Industries controls 60% of oil well, BP Plc controls 30% and Niko Resources holds 10% stake.

Sanghvi Forging and Engineering Limited soared 14.6% to Rs 51 after the forging products maker received orders for about Rs 11 crore from energy exploration companies.

Steel Authority of India Ltd slid 0.4% to Rs 85.35 after the government plans to sale 5% stake or 206.5 million shares to raise about Rs 1,700 crore through a secondary offering.