Idea in Spectrum Deal With Videocon, Sensex in India Up 0.7%

Sarla Buch
26 Nov, 2015
New York City

Sensex rebounded and resource stocks led the gainers. L&T secured two orders worth $200 million in November. Idea Cellular agreed to buy wireless spectrum from Videocon in the Uttar Pradesh and Gujarat circles for ₹3,310 crore.

[R]6:00 PM Mumbai, India – Sensex rebounded and resource stocks led the gainers. L&T secured two orders worth $200 million in November. Idea Cellular agreed to buy wireless spectrum from Videocon in the Uttar Pradesh and Gujarat circles for ₹3,310 crore.[/R]

Stocks on Dalal Street advanced and the Sensex Index closed higher led by a surge in resource stocks.

The metal and mining stocks traded higher after international prices of copper rose and crude oil rebounded on the rising tensions between Russia and Turkey.

Jindal Steel and Power soared 6.7%, Hindalco Industries advanced 2.2% and Hindustan Copper jumped 2.6%.

Vedanta increased 1.2%, Tata Steel rose 2.4% and Hindustan Zinc gained 1.2%.

Rupee weakened 24 paisa to 66.56 against one U.S. dollar.

The Sensex Index advanced 182.89 or 0.7% to close at 25,958.63. The CNX Nifty increased 52.20 or 0.7% to 7,883.80.

Gainers & Losers

Idea Cellular Limited soared 5.2% to ₹147.05 after telecom services provider signed an agreement with Videocon Telecommunications, to buy spectrum in the Uttar Pradesh and Gujarat circles for ₹3,310 crore.

Larsen & Toubro Limited edged down 0.6% to ₹1,334 after the infrastructure developer secured orders worth ₹1,038 crore in the international and domestic markets in November.

Lumax Auto Technologies Limited surged 9.5% to ₹370 after the automotive components maker signed a joint venture with the Italy-based SIPAL S.p.A for €240 million. The jointly owned company will develop defense related systems.

Lumax will hold 51% equity with management control and SIPAL S.p.A. will hold 49% equity in Lumax SIPAL Engineering.

National Aluminium Company Limited jumped 4.8% to ₹39.25 after the alumina and aluminum products exporter received $8.05 million towards an out of court settlement from the U.S. based company.

PAE Limited advanced 2.7% to ₹16.38 after the power backup systems provider plans to sell its wholly owned subsidiary PAE Renewables.

Sun Pharmaceutical Industries Limited jumped 3.9% to ₹735.95 after the pharmaceutical products maker’s subsidiary plans not to continue investment in a U.S. wind energy project.

Tata Motors Limited soared 5.5% to ₹423.15 after the truck and motor vehicle maker said its British luxury car unit Jaguar Land Rover plans to double the size of its engine manufacturing centre and invest as much as £450 million in the U.K.