Ashok Leyland Wins Order in West Africa, Rupee weakened

Sarla Buch
27 Nov, 2015
New York City

Ashok Leyland won order for 3,600 vehicles worth $200 million from Cote d

[R]6:00 PM Mumbai, India – Ashok Leyland won order for 3,600 vehicles worth $200 million from Cote d’Ivoire. U.K.-based Hardy Oil & Gas plc is in talks to acquire 90% stake in a gas discovery block off the Gujarat coast from Reliance Industries.[/R]

Stocks in Mumbai traded higher and rupee dropped to a new record low against the U.S. dollar.

The stocks of logistics companies traded higher on the hopes that the parliament may pass Goods and Services Tax Bill.

Transport Corporation of India increased 2%, Gati Ltd jumped 3%, Allcargo Logistics Ltd advanced 2.3%, and VRL Logistics Ltd gained 2.5%.

Rupee dropped 17 paisa to 66.73 against one U.S. dollar.

The Sensex Index increased 169.57 or 0.7% to close at 26,128.20. The CNX Nifty advanced 58.90 or 0.8% to 7,942.70.

For the week, Sensex Index gained 1.2% and CNX Nifty increased 1.3%.

Gainers & Losers

Ashok Leyland Limited advanced 2.1% to ₹96 after the commercial vehicle maker received an order worth ₹1,331 crore or $200 million from Cote d’Ivoire for the supply 3,600 trucks and buses.

Astra Microwave Products Limited gained 2.3% to ₹149.90 after the microwave super components maker signed joint venture with Canada-based Unique Broadband Systems.

Coal India Limited closed unchanged at ₹336 after the government shortlisted five Indian merchant bankers, including JM Financial, SBI Capital and ICICI Securities, for managing the₹21,000 crore stake sale in the company.

IDBI Bank Limited jumped 3.4% to ₹85.90 after the lender plans to raise about ₹2,310 crore or $350 million from green bonds to fund clean energy projects.

Reliance Industries Limited decreased 1% to ₹977.50 after the conglomerate said the U.K.-based Hardy Oil & Gas plc is in talks to acquire company’s entire 90% stake in a gas discovery block off the Gujarat coast.

Redington (India) Limited dropped 1.8% to ₹114.35 after the software developer’s subsidiary agreed to acquire 70% stake in Turkey-based Linkplus Bilgisayar Sistermleri Sanayi ve Ticaret AS.

Stone India Limited increased 1.8% to ₹89.80 after the railway products provider won an order worth ₹9.39 crore from Western Railway.

Welspun Corp Limited soared 8.6% to ₹105.95 after the line pipes maker secured an order for supply of 216 kilometric tonnes line pipes for an onshore project in America.

Including the latest order, current order book has crossed 1,040 tons worth ₹6,400 crore.