Indexes in India and Asia in 3-Day Slump, Adani to Buy Adhunik Power

Mukesh Buch
11 Mar, 2015
New York City

Market indexes in Asia, India and emerging markets turned lower as the U.S. dollar traded at a 12-year high. Asian Paints signed an agreement to set up a manufacturing unit in Andhra Pradesh. Maruti Suzuki India plans to recall 33,098 units of Alto car.

[R]6:00 PM Mumbai – Market indexes in Asia, India and emerging markets turned lower as the U.S. dollar traded at a 12-year high. Asian Paints signed an agreement to set up a manufacturing unit in Andhra Pradesh. Maruti Suzuki India plans to recall 33,098 units of Alto car.[/R]

Stocks in Mumbai declined for the third day as investors looked for direction to global markets.

Market indexes in Mumbai and in Asia extended losses after the dollar rebounded to a 12-year high and the prospect of rate increase in the U.S. rose after five years of artificially low rate.

U.S. Federal Reserve has kept near-zero interest rates for more than five years and pumped $4 trillion dollars of additional liquidity in the financial system to avert deepening economic collapse.

Indian rupee eased 2 paisa to 62.78 against one dollar.

The Sensex Index fell 50.70 to close at 28,659.17. The CNX Nifty slid 12.10 to 8,699.95.

Gainers & Losers

ABG Shipyard Limited plunged 7.9% to ₹235.55 on speculation that Larsen & Toubro plans to buy a stake in the shipyard.

Adani Power Limited slipped 1.2% to ₹51.65 after the power producer plans to buy Adhunik power for up to ₹4,000 crore.

Adhunik Power operates 540 MW power plant in Jharkhand.

Asian Paints Limited rose 2% to ₹810.75 after the largest paint maker signed an agreement to set up a manufacturing unit in Andhra Pradesh and invest ₹1,750 crore.

Hindalco Industries dropped 5.5% to ₹130.35, one-year low, after a court issued a summons to Kumar Mangalam, chairman of the parent company Aditya Birla Group and former Prime Minister Manmohan Singh.

Maruti Suzuki India Limited slid 0.01% to ₹3,647.85 after the passenger car maker plans to recall 33,098 units of Alto car to inspect and replace the right hand door latch assembly.