Sensex Soars 1.6%, Hindustan Unilever Sells Bakery Business

Mukesh Buch
09 Sep, 2015
New York City

Hindustan Unilever sold its bakery business to Nimman Foods. JK Tyre jumped 3% and the company plans to make tyres scooters. Hindalco refinanced about $2.2 billion of debt and extended loans for 10 more years.

[R]6:00 PM Mumbai – Hindustan Unilever sold its bakery business to Nimman Foods. JK Tyre jumped 3% and the company plans to make tyres scooters. Hindalco refinanced about $2.2 billion of debt and extended loans for 10 more years.[/R]

Stocks in Mumbai rebounded and market indexes traded firmly higher in active trading.

Rupee strengthened 14 paisa to 66.40 against one U.S. dollar.

The Sensex Index soared 401.71 or 1.6% to close at 25,719.58. The CNX Nifty increased 130.35 or 1.7% to 7,818.60.

Gainers & Losers

GlaxoSmithKline Pharmaceuticals Limited edged up 0.1% to ₹3,316.05 and the drug maker started to work on its largest manufacturing unit located at Vemgal, Karnataka.

Hindalco Industries Ltd soared 7.9% to ₹78.60 after the aluminium producer refinanced ₹14,700 crore or $2.2 billion of debt and the project loan is extended for 10 more years.

The metal maker under the revised term will have to repay 6% of its debt in the first five years, versus 35%.

The company debt has surged to ₹29,000 crore in four years through March and the interest costs surged four-fold in two years through June.

Hinduja Ventures Limited gained 4% to ₹379.80 after the financial services provider’s subsidiary, Grant Investrade, secured the operating licence for the digital television services from the Ministry of Information & Broadcasting.

Hindustan Unilever Limited edged up 0.1% to ₹803.15 after the consumer goods maker sold its bread and bakery business to Nimman Foods for an undisclosed amount.

IVRCL Limited advanced 2.2% to ₹6.84 after the infrastructure developer plans to sell its assets and raise up to ₹1,000 crore to reduce debt.

IL&FS Transportation Networks Limited jumped 4.7% to ₹92.25 after the transportation infrastructure developer’s subsidiaries signed two agreements with National Highway Authority worth ₹ 4,174 crore in Maharashtra.

JK Tyre & Industries Ltd jumped 3.4% to ₹102.95 after the largest four-wheeler tyre maker plans to enter into the two-wheeler tyre market.

Tara Jewels Limited rose 0.2% to ₹33 after the jewellery retailer secured an order worth ₹53.4 crore or $8 million from the largest retailer in the word, Walmart Stores.