Sensex in Fourth Day Decline, GMR Airports in Stake Sell Talks

Sarla Buch
07 Dec, 2015
New York City

Sensex extends losses to fourth day in a row. GMR Airports is in talks to sell 30% stake airport business to Canada-based Fairfax Financial and the U.S. based private equity firm. Tata Steel is close to divesting its U.K.-based steel plant.

[R]6:00 PM Mumbai, India – Sensex extends losses to fourth day in a row. GMR Airports is in talks to sell 30% stake airport business to Canada-based Fairfax Financial and the U.S. based private equity firm. Tata Steel is close to divesting its U.K.-based steel plant.[/R]

Stocks in Mumbai traded lower in choppy trading and the Sensex index edged down 0.4%.

Sensex declined for the fourth day in a row and extended losses to nearly 2.5% on sustained outflow of funds from foreign investors.

Rupee edged up 1 paisa to 66.68 against one U.S. dollar.

The Sensex Index edged down 108 or 0.4% to close at 25,530.11. The CNX Nifty slid 16.50 or 0.2% to 7,765.40.

Gainers & Losers

Anuh Pharma Limited edged up 0.9% to ₹306.30 after the drug maker received GMP certificate from Mexican Health Authority for its anti-bacterial drugs, Chloramphenicol and Chloramphenicol Palmitate.

Artson Engineering Limited dropped 3.3% to ₹52.70 after the infrastructure developer won an order for fabrication and supply of steel structures for a steel plant for about ₹10.77 crore.

GMR Airports Ltd, the largest airport operator plans to sell its 30% airport business to Canada’s Fairfax Financial Holdings Ltd and global private equity firm KKR & Co. LP and raise between $500 million to $700 million and lower its debt.

Rural Electrification Corporation Limited edged down 0.7% to ₹224.85 after the power utilities provider transferred its entire 100% stake in Vemagiri II Transmission to Power Grid Corporation of India.

Siemens Limited increased 1.2% to ₹1,179.65 after the conglomerate secured an order worth ₹377 crore from Diesel Locomotive Works, Varanasi.

Sagar Cements Limited jumped 5.1% to ₹424 after the cement producer’s subsidiary BBM Cements received mining lease licence from the Andhra Pradesh.

Tata Sons Limited, the financial services provider plans to buy additional 0.22% stake in Titan Co. for about ₹66 crore, its total holding to 19.8%.

Tata Steel Limited increased 1.4% to ₹243.55 after the steel producer is nearing a deal to divest its U.K.-based steel plant.