Rupee Drops to New Record Low, Cipla Wins Contract in South Africa

Mukesh Buch
23 Dec, 2014
New York City

Alstom T&D India secured a contract worth Rs 180 crore from NTPC. Cipla won an order for about Rs 1,100 crore in South Africa. Madhucon Projects to sell 74% stake in its subsidiaries. Mukand transfer its alloy steel business worth Rs 1,590 crore to its subsidiary.

[R]6:00 PM Mumbai – Alstom T&D India secured a contract worth Rs 180 crore from NTPC. Cipla won an order for about Rs 1,100 crore in South Africa. Madhucon Projects to sell 74% stake in its subsidiaries. Mukand transfer its alloy steel business worth Rs 1,590 crore to its subsidiary.[/R]

Stocks in Mumbai traded lower and trading volume was below and investors focused on the recent volatility in the currency markets.

Rupee extended losses and dropped to a new low of 63.45 against one dollar as the stronger than seasonal demand for the foreign currency.

The Sensex Index dropped 195.33 or 0.7% to close at 27,506.46. The CNX Nifty fell 57 or 0.7% to 8,267.

Gainers & Losers

Alstom T&D India Limited jumped 2.1% to Rs 456 after the power generation equipment maker secured a contract worth Rs 180 crore or €23 million from NTPC.

Cipla Limited advanced 1.8% to Rs 629.65 and the largest drug maker’s subsidiary won an order for about Rs 1,100 crore or $173 million in South Africa.

Madhucon Projects Limited surged 14.9% to Rs 37.65 after the construction company signed an agreement with TRIL Roads to sell 74% stake in its subsidiaries.

Puravankara Projects Limited climbed 3.9% to Rs 82 after the infrastructure developer signed partnership agreement with 99acres.com.

Mukand Limited soared 11.2% to Rs 51.15 after the stainless steel product maker decided to transfer its alloy steel business worth Rs 1,590 crore to its subsidiary.