India Awards More Highway Contracts, Rupee Drifts Lower

Mukesh Buch
24 Sep, 2015
New York City

Road builders were in focus in Mumbai after the government agency awarded more contracts. Hindustan Construction Co. received contract from National Highways Authority of India for $300 million. Larsen & Toubro plans to sell asset.

[R]6:00 PM Mumbai – Road builders were in focus in Mumbai after the government agency awarded more contracts. Hindustan Construction Co. received contract from National Highways Authority of India for $300 million. Larsen & Toubro plans to sell asset. Ashoka Buildcon won highway project worth $80 million to build Mumbai-JNPT Port Road.[/R]

Stocks in Mumbai traded sideways as rupee drifted lower and market indexes gained at close.

Road builders were in focus after the government awarded more contracts.

Rupee weakened 18 paisa to 66.15 against one U.S. dollar.

The Sensex Index rose 40.51 or 0.2% to close at 25,863.50. The CNX Nifty added 22.55 or 0.3% to 7,868.50.

Gainers & Losers

Ashoka Buildcon Limited advanced 2.8% to ₹169 after the real estate developer won highway project worth ₹414 crore from Mumbai-JNPT Port Road.

Ballarpur Industries Ltd soared 6.4% to ₹15.85 after the printing paper maker plans to sell stake in Malaysia-based Sabah Forest Industries Sdn. Bhd for $500 million.

Hindustan Construction Company Limited increased 1.9% to ₹18.20 after the infrastructure developer received contract from National Highways Authority of India for ₹1,783.42 crore.

Larsen & Toubro Limited slipped 2.3% to ₹1,462.25 after the construction company plans to sell some of its assets including roads and infrastructure projects.

Poddar Developers Ltd rose 0.8% to ₹1,106.25 after the real estate developer sold investments in three subsidiaries - Poddar Natural Resources and Ores Limited, Poddar Infrastructure Private Limited and Poddar Leisure Infrastructure Private Limited.