India Wins 18% Discount on Natural Gas Price, Sensex Rebounds 1.5%

Mukesh Buch
30 Sep, 2015
New York City

India settled price of natural gas with contractors at $3.82 per unit, 18% lower than the current price. India imports nearly 50% of its natural gas demand. RCom is in advanced talks with Reliance Jio to share spectrum. Godrej Properties sold its Bandra-Kurla complex.

[R]6:00 PM Mumbai – India settled price of natural gas with contractors at $3.82 per unit, 18% lower than the current price. India imports nearly 50% of its natural gas demand. RCom is in advanced talks with Reliance Jio to share spectrum. Godrej Properties sold its Bandra-Kurla complex.[/R]

Market indexes in Mumbai jumped after markets across Asia closed higher and European markets traded higher.

The central government fixed the domestically produced natural gas price at $3.82 per million metric British thermal units (mmBtu) till March 2016, 18% lower than the current price.

Rupee strengthen 38 paisa to 65.58 against one U.S. dollar.

The Sensex Index jumped 376.17 or 1.5% to close at 26,154.83. The CNX Nifty increased 105.60 or 1.4% to 7,948.90.

For the month, Sensex Index slipped 0.9% and for the second-quarter plunged 6.5% and for the year decreased 1.8%.

For the month, CNX Nifty fell 0.7% and for the second-quarter declined 6.4% and for the year slid 0.3%.

Gainers & Losers

Eveready Industries India Ltd gained 2.9% to ₹288.75 after the dry cell batteries provider said the Reserve Bank of India allowed foreign investors to invest up to 49% stake in the company.

Godrej Properties Limited surged 7.6% to ₹329.10 after the infrastructure developer sold its 435,000 sq. ft Bandra-Kurla Complex for ₹1,479 crore to largest domestic drug maker Abbott India Ltd.

Jaiprakash Associates Limited increased 1.7% to ₹11.32 after the conglomerate received an approval from the board to sale its wind power plants in Maharashtra and Gujarat.

Inox Wind Limited jumped 3.4% to ₹358.60 after the wind power solution provider secured 50 MW wind power project in Gujarat from Gujarat Mineral Development Corporation.

New Delhi Television Limited soared 5.8% to ₹92.65 after the news broadcaster signed an agreement with Taboola to power content recommendations across its entire network of desktop and mobile sites.

The deal size is estimated between ₹90 crore and ₹100 crore or about $13 million to $15 million.

Reliance Communications Limited soared 6.3% to ₹67.90 after the communication services provider said the company is in advanced talks with Reliance Jio Infocomm for spectrum trading and sharing in the 800 megahertz band.

Reliance Capital Limited gained 2.4% to ₹375.60 on a report that the Japan-based financial services giant Nippon Life is in talks to increase its stake in Reliance Life Insurance and Reliance Mutual Fund.

Snapdeal.com, the second largest online marketplace bought a minority stake in Gurgaon-based hyperlocal grocery delivery firm PepperTap.

Sterlite Technologies Limited advanced 2.5% to ₹88.40 after the power transmission company completed the acquisition of Mauritius-based Elitecore Technologies Private Limited.

Siemens Limited gained 2.9% to ₹1,327.80 after the infrastructure developer won an order worth ₹79 crore from Suzlon Energy.