Germany and India Step Up Manufacturing Cooperation, Sensex Advances

Mukesh Buch
07 Oct, 2015
New York City

Germany and India stepped technology and manufacturing cooperation as Prime Minister Modi drives Make in India campaign. State Bank of India signed a loan agreement with German development bank KfW. HMT jumped after the machine tool maker and Fraunhofer agreed to work together.

[R]6:00 PM Mumbai – Germany and India stepped technology and manufacturing cooperation as Prime Minister Modi drives Make in India campaign. State Bank of India signed a loan agreement with German development bank KfW. HMT jumped after the machine tool maker and Fraunhofer agreed to work together.[/R]

Germany and India stepped up business and technology cooperation after the recent visit of Chancellor Merkel brought a delegation of ministers and corporate executives.

Prime Minister Narendra Modi visited Germany to drum up business with German manufacturing companies to locate their manufacturing plants in India.

Currently, 1,500 German companies are operating in India and more than 6,000 are operating in China.

Rupee strengthened 45 paisa to 64.95 against one U.S. dollar.

The Sensex Index gained 102.97 or 0.4% to close at 27,035.85. The CNX Nifty added 24.50 or 0.3% to 8,177.40.

Gainers & Losers

Bajaj Corp Limited declined 4.5% to ₹442.85 after net in the second-quarter soared 24.9% from a year ago to ₹46.77 crore.

Net sales in the quarter advanced 10.7% to ₹208.18 crore.

HMT Limited soared 15.2% to ₹57.75 after the watch maker signed a memorandum of understanding with a Germany-based Fraunhofer to upgrade technology for building machine tools.

The memorandum of understanding signed in the presence of Prime Minister Narendra Modi and German Chancellor Angela Merkel at a function organized by Nasscom at Bangalore.

KEC International Limited increased 1.3% to ₹145.10 after the cable operator won new orders worth ₹668 crore.

Punj Lloyd Limited surged 6.9% to ₹26.85 after the infrastructure developer secured projects worth ₹488 crore in the power sector.

Redington (India) Limited jumped 3.9% to ₹119.15 after the subsidiary agreed to acquire 70% stake in Turkey-based Linkplus Bilgisayar.

Siemens Limited rose 0.7% to ₹1,378.50 after the company signed an agreement with Infrastructure Leasing & Financial Services and Gujarat International Finance Tec-City Company to develop smart mobility solutions for the tech-city in Gujarat.

Sobha Limited dropped 2.4% to ₹274.25 after the real estate developer said sales in second-quarter slipped 9.7% to ₹533.20 crore compared to ₹590.50 crore in the same period last year.

State Bank of India gained 1.3% to ₹243.35 after the largest lender signed loan agreement worth $300 million or ₹1,956 crore with the German development bank KfW.