India to Lift Stake in IFCI, IDBI to Sell CARE Stake

Mukesh Buch
30 Dec, 2014
New York City

Cabinet in India approved to increase government''s stake to 51% from 47.93% in IFCI. IDBI Bank plans to sell its entire stake in CARE. Oil India established its 5 megawatt solar power plant in Rajasthan.

[R]6:00 PM Mumbai – Cabinet in India approved to increase government''s stake to 51% from 47.93% in IFCI. IDBI Bank plans to sell its entire stake in CARE. Oil India established its 5 megawatt solar power plant in Rajasthan.[/R]

Indian rupee gained slightly to close at 63.48 against one dollar.

The Sensex Index rose 7.81 to close at 27,403.54. The CNX Nifty added 1.95 to 8,248.25.

Gainers & Losers

Ganesha Ecosphere Ltd. jumped 1.1% to Rs 139.05 after the company started its commercial production of recycled polyester staple fibre at Utter Pradesh.

Godrej Properties Limited climbed 3.3% to Rs 257.70 after the real estate developer signed an agreement to develop a project in Vikhroli, Mumbai.

IFCI Limited unchanged at 37.70 after the Union Cabinet approved to raise the government''s stake to 51% from 47.93% and increase investment by Rs 60 crore in the company.

IDBI Bank Limited jumped 2.7% to Rs 73 after the financial service provider plans to sell its part or entire stake in local credit ratings agency CARE in one or more stakes.

Oil India Limited added 0.3% to Rs 567 after the oil and gas explorer successfully established its 5 megawatt solar power plant worth Rs 41.49 crore at Rajasthan.

Rashtriya Chemicals and Fertilizers Limited advanced 1% to Rs 68.45 after the board approved to set up solar power plant at Trombay, Mumbai.

Rohit Ferro-Tech Limited surged 19.7% to Rs 8.98 after the board approved to sell its manufacturing unit in Orissa.

Suven Life Sciences Limited rose 0.8% to Rs 209.10 after the drug maker secured three product patents in Eurasia, Japan and Mexico.