Canada Pension Takes Stake in L&T Infra

Mukesh Buch
18 Dec, 2014
New York City

Godrej Ind sold stake in Godrej Properties and raised Rs 75 crore. IOCL started refinery of 15 million metric ton per year capacity in Odisha. L&T and Canada Pension Plan Investment Board invested Rs 1,000 crore in subsidiary of L&T.

[R]6:00 PM Mumbai – Godrej Ind sold stake in Godrej Properties and raised Rs 75 crore. IOCL started refinery of 15 million metric ton per year capacity in Odisha. L&T and Canada Pension Plan Investment Board invested Rs 1,000 crore in subsidiary of L&T.[/R]

The Sensex Index climbed 416.44 or 1.6% to close at 27,126.57. The CNX Nifty jumped 129.50 or 1.6% to 8,159.30.

Gainers & Losers

Autoline Industries Limited surged 19.8% to Rs 77.75 after the auto component maker accepted an offer to sell its U.S. subsidiary for $8.5 million or Rs 52 crore.

The company also received a clearance from a regional authority for a new production site of 104 acres near Pune.

Godrej Industries Limited rose 0.7% to Rs 276.20 after the conglomerate sold 30,20,000 shares of Godrej Properties and raised Rs 75 crore.

Indian Oil Corporation Limited jumped 2.5% to Rs 331.45 after the petroleum products maker startedrefinery of 15 million metric ton per year capacity in Odisha for about Rs 34,162 crore.

Larsen & Toubro Limited advanced 2.4% to Rs 1,505.70 after the engineering construction company said Canada Pension Plan Investment Board invested Rs 1,000 crore in subsidiary of L&T Infrastructure Development Projects.

CPPIB invested Rs 1,000 through a convertible preference share allotment and the pension fund is also expected to invest additional Rs 1,000 crore after one year from the current investment date.

IDPL is the largest road builder in India and the company is also involved in the building the largest metro rail project in Hyderabad.

R.P.P. Infra Projects Limited climbed 2.9% to Rs 121.50 after the infrastructure developer won a contract worth Rs 49.54 crore in Tamil Nadu.

Transformers & Rectifiers (India) Limited surged 11.8% to Rs 192.65 after the transformer maker signed technology agreement with Japan-based Fuji Electrical.