Adani Announces Investment Plans at Vibrant Gujarat

Mukesh Buch
12 Jan, 2015
New York City

Investors from U.S., Japan and Australia announce investment plans at Vibrant Gujarat summit. Adani struck a partnership with Australia-based Woodside Energy for energy exploration and invest $4 billion in partnership with U.S.-based SunEdison Inc in Gujarat.

[R]6:00 PM Mumbai – Investors from U.S., Japan and Australia announce investment plans at Vibrant Gujarat summit. Adani struck a partnership with Australia-based Woodside Energy for energy exploration and invest $4 billion in partnership with U.S.-based SunEdison Inc in Gujarat.[/R]

Stocks in Mumbai gained for the second day in a row and rupee jumped 1.6% after foreign investors stepped up exposure to Indian equities.

Indian rupee strengthened to 62.12 against the U.S. dollar after global funds added net $26.4 billion of Indian government and corporate bonds.

The Sensex Index gained 126.89 or 0.5% to close at 27,585.27. The CNX Nifty added 38.50 or 0.5% to 8,323.

Gainers & Losers

Adani Enterprises Limited advanced 1.9% to Rs 515.50 and the oil and gas explorer signed an agreement with Australia-based Woodside Energy for oil & gas exploration and production opportunities.

The company also plans invest $4 billion in partnership with U.S.-based SunEdison Inc to set up solar photo-voltaic manufacturing unit in Gujarat.

Bajaj Corp Limited climbed 3.7% to Rs 426.95 after the cosmetic products maker reported net in the third-quarter surged 43.78% to Rs 41.84 crore.

Net revenue soared 29.77% to Rs 205.79 crore.

Coal India Limited declined 4.5% to Rs 358.70 after the government plans to sell its 10% stake in the company.

United Spirits Limited soared 6.6% to Rs 3,050.45 after the company won a shareholder approval to merge subsidiary of its parent Diageo plc and also passed a resolution to make and sell products made by the parent company.

Diageo won the majority control in the company after a protracted takeover bid in July 2014 and increased its stake in the company from 26% to 54.78%. Vijay Mallaya’s stake in the company has been cut down to 2%.