Trade Deficit in India Narrows, Essar to Sell Stake to Rosneft

Mukesh Buch
16 Jun, 2015
New York City

Imports declined more than exports in May month in India. BPCL said the central government plans to sell 3% stake in the company. Essar Oil plans to sell majority stake to Russia-based OAO Rosneft. RComm plans to acquire Russia-based Sistema''''s Indian mobile phone unit.

[R]6:00 PM Mumbai – Imports declined more than exports in May month in India. BPCL said the central government plans to sell 3% stake in the company. Essar Oil plans to sell majority stake to Russia-basedOAO Rosneft. RComm plans to acquire Russia-based Sistema''s Indian mobile phone unit.

Stocks in Mumbai gained after value buyers continued to increase exposure and rupee drifted lower for the third week in a row.

The trade deficit in May narrowed to $10.41 billion compared to $10.99 billion in April and from $11.23 billion in the month a year ago.

Export in May decline 20.2% to $22.34 billion and import dropped 16.5% to $32.75 billion in the same period a year ago, the Ministry of Commerce & Industry reported.

Rupee fell 9 paisa to 64.25 against one U.S. dollar.

The Sensex Index increased 99.96 or 0.4% to close at 26,686.51. The CNX Nifty gained 33.40 or 0.4% to 8,047.30.

Gainers & Losers

Adani Enterprises Limited declined 4.7% to ₹95.75 after the Adani Group signed an agreement with the Rajasthan government to set up a 10,000 megawatt solar park.

Bharat Petroleum Corporation Limited slipped 2.2% to ₹815.50 after the oil and gas explorer said government plans to sell 3% stake in the company and raise up to ₹1,800 crore.

Essar Oil Limited declined 2.1% to ₹143.45 after the oil and gas explorer plans to sell majority stake to Russia-based OAO Rosneft.

HCL Infosystems Limited jumped 5.3% to ₹33.65 after the software developer agreed to a strategic distribution partnership with Dell India.

Kotak Mahindra Bank Limited edged up 0.1% to ₹1,290.90 after the largest private bank received an approvals from the Foreign Investment Promotion Board to increase foreign investment limit in the bank to 55% from 48%.

Mahindra & Mahindra Ltd rose 0.7% to ₹1,229 after the tractor maker received a multi-million dollar aerospace contract from Germany-based Airbus Group controlled company, Premium Aerotec.

PI Industries Limited climbed 3.8% to ₹634.25 after the agrochemical products maker said U.S.-based Cartica Capital acquired 3.88% stake in the company for about ₹320 crore.

Reliance Communications Limited fell 1.4% to ₹58 after the telecommunication services provider said it is in talks to acquire Russia-based Sistema''s Indian mobile phone unit.

Suven Life Sciences Limited added 1.1% to ₹245.55 after the drug maker secured three product patents in Israel, Macau and the USA for the treatment of disorders associated with neurodegenerative diseases