India Stocks Extend Gains, Pipavav Plunges on Reliance Stake Purchase

Mukesh Buch
05 Mar, 2015
New York City

Adani Power and JSW Steel won coal mining rights in Jharkhand. Crompton Greaves received three orders from Energy Efficiency Services. KEC International won orders worth ₹1,243 crore. RInfra plans to buy 18% stake at ₹819 crore in Pipavav Defence.

[R]6:00 PM Mumbai – Adani Power and JSW Steel won coal mining rights in Jharkhand. Crompton Greaves received three orders from Energy Efficiency Services. KEC International won orders worth ₹1,243 crore. RInfra plans to buy 18% stake at ₹819 crore in Pipavav Defence.[/R]

Stocks in Mumbai traded up in a volatile session as investors shift focus to corporate development and digest details of the financial budget released by the central government.

The Reserve Bank moved swiftly after the budget release and lowered reference rate as wholesale index in the last few months has been nearing zero. However, India leads Asia in consumer price inflation.

Indian rupee fell 9 paisa to 62.15 against one dollar.

The Sensex Index gained 68.22 to close at 29,448.95. The CNX Nifty added 15.10 to 8,937.75.

For the week, Sensex Index rose 0.8% and CNX Nifty jumped 1%.

Gainers & Losers

Aban Offshore Limited climbed 4.3% to ₹501 after the drilling and oil field service provider said its subsidiaries redeemed bonds worth ₹1,335 crore.

Adani Power Limited climbed 4.9% to ₹59.35 after the power producer won the mining bid for Jitpur coal mine in Jharkhand for about ₹302 per ton.

Crompton Greaves Limited rose 0.6% to ₹181.35 after the consumer product provider received three orders from Energy Efficiency Services for the implementation of energy efficiency projects in the country.

JSW Steel fell 0.06% to ₹991.95 and the third largest steel maker won the mining right at Moitra coal mine in Jharkhand for ₹1,512 per ton.

KEC International Limited advanced 1.1% to ₹88.65 after the infrastructure developer won orders worth ₹1,243 crore for its railways and cables businesses.

Pipavav Defence and Offshore Engineering Company Limited plunged 10% to ₹68.85 after the company announced Reliance Infrastructure plans to buy 18% stake at ₹819 crore and control management control in the company.

Tech Mahindra Limited slid 0.1% to ₹2,877.65 after the information technology opened its sales office in Hanoi, Vietnam.