Sensex in 5-Day Slump, Essar Nears Restarting Coal Plant in Jharkhand

Mukesh Buch
24 Mar, 2015
New York City

Essar Power finalized a coal mining agreement and plans to restart its 1,200 megawatts power plant in Madhya Pradesh. Crompton Greaves won a contract in Paraguay. Fortune Financial Services secured 68.2% stake in Inga Capital Pvt Ltd.

Market indexes in Mumbai declined for the fifth day in a row and the two widely followed Sensex and Nifty closed at six-week low.

Rupee slid 1 paisa 62.26 against one dollar.

The Sensex Index slid 30.30 to close at 28,161.72. The CNX Nifty decreased 7.95 to 8,542.95.

Essar Power is scheduled to restart its power plant in Mahaan, Jharkhand after the company finalized its agreement for coal mining and production with the Central Government at Tokisud North coal block.

The Mahaan, Madhya Pradesh power plant has a capacity to generate 1,200 megawatts of electricity and the plant was set up with a total investment of ₹8,000 crore.

Gainers & Losers

Crompton Greaves Limited rose 0.5% to ₹164.75 after the industrial equipment maker won a contract to provide with smart grid infrastructure from Administracion Nacional de Energia, Paraguay.

Dr.Reddy's Laboratories Ltd rose 1.7% to ₹3,512.95 after the drug maker entered into partnership with Hyderabad-based Hetero to treat for Hepatitis C in India.

Fortune Financial Services (India) Limited climbed 4.9% to ₹211.10 after the financial services provider secured 68.19% stake in Inga Capital Pvt Ltd for an undisclosed amount.

Monnet Ispat & Energy Limited advanced 2.2% to ₹53.65 after Times of India reported that Adani Group and JSW Group plans to buy a stake in Delhi-based Monnet Power, a subsidiary of Monnet Ispat and Energy Ltd.

Monnet Power assets are valued at more than ₹3,100 crore and its coal-based power plant with a capacity of 1,050 megawatts is located in Odisha.

Suven Life Sciences Limited climbed 6.4% to ₹297.40 after the pharmaceutical products maker received three product patents for the treatment of Neurodegenerative diseases in Canada, Japan and Korea.

Seamec Ltd climbed 4.9% to ₹91.35 after the diving services provider acquired Singapore-based vessel for $2.6 million.