Sensex in India Rises 0.8%, IDBI May Sell Stake in Insurance Venture

Sarla Buch
21 Dec, 2015
New York City

Sensex in Mumbai closed higher on a rebound in financial and infrastructure stocks. IDBI Bank plans to sell its 20% stake in life insurance joint venture with Federated Bank and Belgium-based Ageas. Jubilant Life Sciences won an approval to sell more stake to foreign investors.

[R]6:00 PM Mumbai, India – Sensex in Mumbai closed higher on a rebound in financial and infrastructure stocks. IDBI Bank plans to sell its 20% stake in life insurance joint venture with Federated Bank and Belgium-based Ageas. Jubilant Life Sciences won an approval to sell more stake to foreign investors.[/R]

Stocks on Dalal Street rose and investors looked for bargains in financial services and in infrastructure sector stocks.

Market indexes across Asia rebounded after a week of volatile trading but caution prevailed in Mumbai trading.

Rupee gained 4 paisa to ₹66.35 against one U.S. dollar.

The Sensex Index rose 216.68 or 0.8% to close at 25,735.90. The CNX Nifty increased 72.50 or 0.9% to 7,834.45.

Gainers & Losers

Diamond Power Infrastructure Limited advanced 2.9% to ₹45.20 after the infrastructure solutions provider received an order from Jaipur Vidyut Vitran Nigam.

Goodluck Steel Tubes Ltd. jumped 3.8% to ₹100 after the company won an approval for the fabrication and supply of steel bridge girders from the railway ministry.

IDBI Bank Limited gained 2.1% to ₹90.95 after the financial services provider plans to sell its 20% stake in life insurance joint venture, according to news reports.

Jubilant Life Sciences Limited gained 1.9% to ₹427.55 after the Reserve Bank allowed foreign investors to invest up to 45% in the generic drug maker.

MBL Infrastructures Limited increased 1.4% to ₹218.30 after the infrastructure developer secured a highway contract worth ₹414.75 crore from the Ministry of Road Transport & Highways, Madhya Pradesh.

Mindteck (India) Limited gained 2.3% to ₹161.70 after the software services provider signed a memorandum of understanding with Saudi Arabian company, Alafdaliyah Group to provide IT products and services.