Sensex in India Surges 1.7%, Rupee Advances

Mukesh Buch
08 Sep, 2015
New York City

JSW Energy plans to acquire thermal power project in Madhya Pradesh. Zomato, restaurant information and review site operator raised about $60 million. SpiceJet plans to buy around 100 turboprop aircrafts with list price of $3 billion.

[R]6:00 PM Mumbai – JSW Energy plans to acquire thermal power project in Madhya Pradesh. Zomato, restaurant information and review site operator raised about $60 million. SpiceJet plans to buy around 100 turboprop aircrafts with list price of $3 billion.[/R]

Stocks rebounded in Mumbai trading after three weeks of volatile trading.

Steelmakers advanced after a government appointed commission recommended increasing import duties on steel products and protect domestic industry from the rising imports from Japan, South Korea and Russia.

Tata Steel soared 7.3%, Vedanta jumped 4.7% and Steel Authority of India surged 10%.

Banks advanced in active trading and Yes Bank, ICICI Bank and Axis Bank jumped between 2% and 5%.

Pharmaceutical companies traded lower for the third day in a row and Dishman Pharma, Unichem, Natco Pharma, and Wockhardt declined between 3% and 4%.

Rupee strengthened 26 paisa to 66.56 against one U.S. dollar.

The Sensex Index jumped 424.06 or 1.7% to close at 25,317.87. The CNX Nifty advanced 129.45 or 1.7% to 7,688.25.

Gainers & Losers

Britannia Industries Ltd decreased 1.9% to ₹2,841.70 after the bakery and dairy products maker plans to set up an agro-processing unit in Chittoor, Andhra Pradesh.

Indian Hume Pipe Company Limited jumped 5.4% to ₹351.10 after the company signed anagreement with Mumbai-based Dosti Realty and develop 3.5 acre land parcel in Wadala, Mumbai.

Info Edge India Limited increased 1.9% to ₹745.55 after the company said Zomato raised about ₹390 crore or $60 million from a group of investors led by Singapore government controlled pension fund Temasek.

The company is the largest outside investor in Zomato, the restaurant review site recently acquired the U.S. based restaurant information and review site Urbanspoon.

JSW Energy Limited soared 9.3% to ₹74.05 after the power generator signed an agreement to acquire Jaiprakash Power Ventures’ 500 megawatt Bina thermal power project in Madhya Pradesh for about ₹3,500 crore.

LIC Housing Finance Limited jumped 3.5% to ₹417 after the home lender said it plans to raise up to ₹43,000 crore through non-convertible debentures offering.

SpiceJet Limited rose 0.9% to ₹22.70 after the air transport services provider is in talks to buy around 100 turboprop aircraft worth about ₹19,800 crore or $3 billion at list price.