Nippon Acquires 9% Stake in RCAM, SBI Prepares for Offering

Mukesh Buch
27 Feb, 2015
New York City

NTPC started Unit-III of 500 megawatt power project in Tamil Nadu. Sadbhav Engineering won the highway expansion in Haryana. Nippon Life Insurance acquired 9% stake in subsidiary of Reliance Capital.

[R]6:00 PM Mumbai –NTPC started Unit-III of 500 megawatt power project in Tamil Nadu. Sadbhav Engineering won the highway expansion in Haryana. Nippon Life Insurance acquired 9% stake in subsidiary of Reliance Capital.[/R]

Market indexes in Mumbai soared a day before union government budget as expectations ran high.

Stocks were under pressure after the release of rail budget that kicked off the largest five-year investment program in the fourth-largest rail network in the world.

The $137 billion investment program will focus on modernizing network, improving facilities at stations and relieving freight network congestion.

Indian rupee rose 8 paisa to 61.83 against one dollar.

The Sensex Index climbed 473.47 or 1.7% to close at 29,220.12. The CNX Nifty jumped 160.75 or 1.9% to 8,844.60.

For the week the Sensex index slid 0.03% and for the month dropped 1.2%. For the week the CNX Nifty rose 0.2% and for the month slipped 0.7%.

Gainers & Losers

Aditya Birla Nuvo Limited fell 0.3% to ₹1,724 after the conglomerate said its ammonia/urea plant will temporary shutdown at Jagdishpur, Uttar Pradesh.

Bank of Baroda soared 4.9% to ₹180.95 after the financial service provider plans to raise ₹1,260 crore through a preferential allotment of shares to the government.

Minda Industries Limited advanced 3.5% to ₹612.75 after the automotive component maker signed an agreement with Japan-based Kosei International Trade and Investment Co. Ltd for manufacturing of alloy wheels for passenger vehicles.

The proposed shareholding in the ratio of 70:30 and the cost of the project is estimated at ₹200 crore.

NTPC Limited jumped 3.4% to ₹158.30 after the power distributor started Unit-III of 500 megawatt of Vallur Thermal Power Project in Tamil Nadu.

Reliance Capital Ltd climbed 3.8% to ₹461.35 after the financial service provider said Nippon Life Insurance acquired 9% stake in its subsidiary Reliance Capital Asset Management.

Sadbhav Engineering Limited advanced 3% to ₹316.20 after the infrastructure developer won the bidding for the widening of Ambala-Kaithal section of National Highway in Haryana.

State Bank of India increased 3.6% to ₹299.95 after the financial service provider received approval from shareholder to raise ₹15,000 crore through a public offering.