Sensex in India Falls; Essar and Rosneft in Refinery Sale Talks

Mukesh Buch
09 Jul, 2015
New York City

Essar Oil plans to sell its 49.9% stake in its Vadinar refinery to Russia-based Rosneft. Eros International is in advanced talks to sell 10% stake in Eros Now.

[R]6:00 PM Mumbai – Essar Oil plans to sell its 49.9% stake in its Vadinar refinery to Russia-based Rosneft. Eros International is in advanced talks to sell 10% stake in Eros Now.

Stocks in Mumbai extended losses but markets in Asia rebounded after China regulatory lifted markets in Shanghai and in Hong Kong.

Chinese regulators prevented institutional investors with holders of more than 5% stake from selling stocks and allowed banks to roll over debts linked to stocks.

Rupee strengthened 21 paisa to 63.39 against one U.S. dollar.

The Sensex Index slipped 114.06 or 0.4% to close at 27,573.66. The CNX Nifty fell 34.50 or 0.4% to 8,328.55.

Gainers & Losers

8K Miles Software Services Ltd climbed 6.3% to ₹902.50 after net in the first-quarter soared 14.2% to ₹7.20 crore.

Total revenues in the quarter surged 18.8% to ₹50.6 crore.

Bhushan Steel Limited soared 20% to ₹66 after the steel producer won approvals from a list of banks to refinance its ₹35,000 crore debt under the Reserve Bank of India’s 5/25 scheme.

Eros International Media Limited surged 8.5% to ₹583.30 after the company is in advanced talks to sell 10% stake in its Eros Now unit to Singapore-based Fullerton Fund Management Co.

Essar Oil Limited declined 5.5% to ₹178.25 after the oil and gas explorer said Russia-based oil maker Rosneft signed a preliminary agreement to acquire a 49.9% stake in its Vadinar refinery for about ₹13,400 crore or $3.2 billion.

KNR Constructions Limited jumped 3.3% to ₹592 after the infrastructure developer secured a road contract worth ₹255 crore from Madhya Pradesh Road Development Corp. Ltd.

Om Metals Infraprojects Limited climbed 6.1% to ₹41.20 after the company won an order for ₹325 crore to set up smart city near Ujjain.

Suzlon Energy Ltd soared 5.9% to ₹23.05 after the wind turbine maker was reportedly in talks to finalize an order for about ₹1,000 crore this month, Bloomberg news said.

Tech Mahindra Limited rose 0.9% to ₹474.35 and the information technology services provider signed an agreement with PNMsoft.