IDBI to Sell 5% Stake in NSC, Rupee Bounces Around Record Low

Mukesh Buch
22 Dec, 2014
New York City

Bajaj Auto secured an order for 1,25,000 motorcycles from Sri Lanka. BHEL secured acontract worth

[R]6:00 PM Mumbai – Bajaj Auto secured an order for 1,25,000 motorcycles from Sri Lanka. BHEL secured acontract worth €17 million for 430 megawatts in Turkey. Government plans to divest 10% from MOIL. Suzlon Energy won four contracts for 60 megawatts in UK.[/R]

Stocks soared in Mumbai trading after world and Asian markets stabilized and rupee advanced 7 paisa against one dollar.

The weakness in rupee surprised many traders over the last three months of trading when oil price fell nearly 50%, the largest commodity imported by India.

The lower oil price helps India in narrowing trade deficit which hovers between $100 billion and $120 billion, before the oil price collapse.

The Sensex Index climbed 329.95 or 1.2% to close at 27,701.79. The CNX Nifty gained 98.80 or 1.2% to 8,324.

Gainers & Losers

Bajaj Auto Limited rose 0.3% to Rs 2,473 after the automobile maker secured an order for 1,25,000 units of Discover-125M motorcycles from Sri Lanka.

Bharat Heavy Electricals Limited jumped 2.7% to Rs 265.75 and the power generation equipment maker secured a contract worth €16.96 million for 430 megawatts in Turkey.

Crompton Greaves Limited gained 1.5% to Rs 183.10 after industrial equipment maker won an order from Belgian-based offshore wind farm operator Northwind.

DLF Limited advanced 1.3% to Rs 133.75 after the real estate developer plans to sell commercial assets to raise about $500 million or Rs 3,000 crore.

IDBI Bank Limited added 2.1% to Rs 69.40 after the financial service provider plans to sell its 5% stake or Rs 1,000 crore in National Stock Exchange.

MOIL Limited advanced 1.2% to Rs 298.80 after the government plans to divest 10% stake or Rs 500 crore to the company.

Mahanagar Telephone Nigam Limited jumped 1.9% to Rs 25.90 telecommunication service provider raised Rs 3,769 crore through a bond offering.

Suzlon Energy Limited climbed 7.8% to Rs 13.77 after the wind turbine generator maker’s subsidiary won four contracts for 60 megawatts in UK.