Sensex in India Soars 2%, Government Targets to Develop Smart Cities

Mukesh Buch
27 Aug, 2015
New York City

Sensex index in Mumbai surged 2% and rupee rebounded as Asian markets searched stability. The central government of India released a list of 98 cities covered in the smartcity mission. Bharti agreed to acquire Augere Wireless. HDFC plans to raise $300 million through a bond offering.

[R]6:00 PM Mumbai – The central government released a list of 98 cities to be develop as smart cities. Bharti signed a definitive agreement to acquire Augere Wireless. HDFC plans to raise $300 million through a bond offering.[/R]

Sensex index in Mumbai rebounded after a week of sell off that knocked the index down as much as 6% in the year before the latest rebound.

The central government on Thursday released a list of 98 cities including 24 state capitals to be develop as smart cities.

Central government proposes to give financial support of as much as ₹48,000 crores over 5 years to the mission.

Smart city mission will cover 13 crore or 130 million of population across 98 cities, covering 35% of urban population in India.

Rupee strengthened 10 paisa to 66.04 against one U.S. dollar.

The Sensex Index jumped 516.53 or 2% to close at 26,231.19. The CNX Nifty gained 157.10 or 2% to 7,948.95.

Gainers & Losers

Aurobindo Pharma Ltd jumped 2.9% to ₹743.90 after the natural and ayurvedic medicine maker received the final approval from the U.S. Food & Drug Administration to manufacture and market Entecavir tablets.

Bharti Airtel Limited advanced 2.2% to ₹347.35 after the largest wireless service provider signed a definitive agreement to acquire 100% equity stake in Augere Wireless Broadband India Pvt. Ltd. in Madhya Pradesh and Chhattisgarh.

Bosch Limited increased 1.6% to ₹23,085.60 after auto component maker inaugurated its new manufacturing unit at Bidadi, Bengaluru.

Cairn India Limited soared 7.6% to ₹139.65 after oil and gas explorer plans to expand its crude oil and natural gas carrying capacity from its Barmer, Rajasthan with an investment cost of ₹1,400 crore.

Housing Development Finance Corporation Limited surged 8.7% to ₹1,197.80 after the housing loan provider plans to raise ₹2,000 crore through a bond offering.

The Economic Times said, HDFC Life plans to sell 25% stake and raise ₹6,000 crore through an initial public offer next fiscal year.

Reliance Communications Limited surged 4.3% to ₹54.45 after the wireless network provider and California-based Jasper agreed to offer clients to roll-out IoT services.

Sagar Cements Limited soared 8% to ₹403.50 after the cement producer said IL&FS Financial Services acquired 17.25% stake in the company.