Caution Prevails in India, Shanghvi Led Group to Buy Hindustan Oil Stake

Mukesh Buch
24 Feb, 2015
New York City

Stocks in India lacked direction ahead of financial budget from the central government. Dilip Shanghvi led investment group is interested in acquiring 47% stake in the Hindustan Oil Exploration Company. ITC won a bid for a hotel in Goa. Sumeet Ind plans to set up a wind power plant.

[R]6:00 PM Mumbai – Stocks in India lacked direction ahead of financial budget from the central government. Dilip Shanghvi led investment group is interested in acquiring 47% stake in the Hindustan Oil Exploration Company. ITC won a bid for a in Goa. Sumeet Ind plans to set up a wind power plant.[/R]

Stocks in Mumbai closed higher in volatile trading as investors set expectations of business friendly budget.

Market indexes traded sideways and in active trading stocks generally held up recent highs ahead of the expected announcements in tax reforms, cuts in subsidies and financial and economic reforms in the latest budget.

Indian rupee fell 13 paisa to 62.19 against one dollar.

The Sensex Index rose 29.55 to close at 29,004.66. The CNX Nifty added 7.15 to 8,762.10.

Gainers & Losers

ADF Foods Ltd plunged 5.9% to ₹67.50 after the canned and frozen foods maker said net in the third-quarter swung to profit ₹1.30 crore compared to a loss of ₹0.93 crore in the same period last year.

Net sales rose 6.63% to ₹43.75 crore.

Crompton Greaves Limited fell 0.9% to ₹174.85 after the industrial products maker won a contract for about $20 million from Indonesia-based PT PLN.

Hindustan Oil Exploration Company Limited surged 17.2% to ₹47.40 after the oil explorer said that Dilip Shanghvi associates are interested in buying 47% stake in the company.

ITC Limited advanced 1.5% to ₹395.85 after the hotel and tobacco conglomerate won a bid for Park Hyatt Hotel in Goa for ₹515.44 Crore.

Suzlon Energy Ltd climbed 3.8% to ₹26.20 after the second-largest wind turbine maker completed a 350 megawatts wind energy contract in Brazil.

Industrialist Dilip Shanghvi and associate group has agreed to provide a financial guarantee of $610 million to help the company fill orders and return to profit.

Sumeet Industries Limited soared 13.6% to ₹20.95 after the polyester chips maker plans to set up 10.5 megawatts wind power plant for ₹77.51 crore.