Sensex in India Jumps; Adani, Essar in Talks to Merge Power Transmission

Mukesh Buch
17 Jun, 2015
New York City

Central government is expected to hike import duty on steel products. Essar Power Transmission is in merger talks with Adani. TCS and IBM are in a race to win Sweden-based AB Volvo''s IT outsourcing contract worth about $500 million.

[R]6:00 PM Mumbai – Central government is expected to hike import duty on steel products. Essar Power Transmission is in merger talks with Adani. TCS and IBM are in a race to win Sweden-based AB Volvo''s IT outsourcing contract worth about $500 million.

Stocks on Dalal Street traded higher and the 10-year government bond yield increased to 7.92% from 7.88%.

The government has decided to increase import duty on long steel products to 7.5% from 5.5%, while on flat steel products to 10% from 7.5%, the CNBC TV 18 reported.

The steel stocks jumped after the announcement.

Steel Authority of India Ltd rose 1.83% to ₹61.15, JSW Steel Ltd jumped 3.30% to ₹867.05 and Jindal Steel and Power Ltd added 0.89% to ₹96.05.

Rupee strengthens 12 paisa to 64.12 against one U.S. dollar.

The Sensex Index advanced 146.15 or 0.6% to close at 26,686.51. The CNX Nifty rose 44.25 or 0.6% to 8,091.55.

Gainers & Losers

Adani Enterprises Limited advanced 2.3% to ₹99.25 after the oil and gas explorer said the company is in talks to acquire Essar Power Transmission.

The deal is expected to be valued ₹1,800 crore, the Economic Times reported.

AurionPro Solutions Limited jumped 4% to ₹178.60 after the software services provider signed strategic agreement with U.S.-based ForgeRock to strengthen enterprise security practice.

GP Petroleums Limited rose 1% to ₹35.10 after the lubricant oil maker formed a strategic partnership with Spain-based petroleum company Repsol and launch lubricant range in India.

PTC India Financial Services Limited increased 1.8% to ₹42 after the financial services provider plans to raise up to ₹150 crore through a non-convertible debenture offering.

Ramky Infrastructure Limited surged 20.1% to ₹35.75 after the infrastructure developer is said to be in “active discussions” with buyers to sell four of its road assets for about ₹1,000 crore.

The company is also planning to sell a 1,200 acre land parcel in Hyderabad.

Tata Consultancy Services Limited closed unchanged at 2,512 after the Economic Times said the TCS and International Business Machines are in a race to win Sweden-based AB Volvo''s IT outsourcing contract, worth about $500 million