State Bank of India Plans $2 B Bond Offering, Rupee Gains

Sarla Buch
22 Dec, 2015
New York City

Sensex in Mumbai turned lower but rupee strengthened for the sixth day in a row. State Bank of India is looking to raise as much as $2 billion through a bond offering. Kotak Mahindra Bank acquired 1.37% stake in Godrej Properties.

[R]6:00 PM Mumbai, India – Sensex in Mumbai turned lower but rupee strengthened for the sixth day in a row. State Bank of India is looking to raise as much as $2 billion through a bond offering. Kotak Mahindra Bank acquired 1.37% stake in Godrej Properties.[/R]

Stocks in Mumbai traded sideways and rupee gained for the sixth day in a row as Asian markets rested in shortened trading week.

Market indexes on Dalal Street edged lower and investors reacted to corporate news. Adani Enterprises won a regulatory approval to proceed with coal handling terminal and exploring coal mine in Australia.

Abbot Point coal terminal expansion in Queensland will facilitate the exploration of Carmichael coal mine.

Telecom stocks also closed higher after the regulatory authority said it will no longer pursue wireless companies for the calls dropped before January 6. The Telecom Regulatory Authority had demanded the wireless carriers to compensate customers for first three calls dropped per day.

Rupee rose 1 paisa to ₹66.34 against one U.S. dollar.

The Sensex Index fell 145.25 or 0.6% to close at 25,590.65. The CNX Nifty decreased 48.35 or 0.6% to 7,786.0.

Gainers & Losers

Adani Enterprises Limited edged down 0.1% to ₹81.30 after the oil and gas explorer’s subsidiary Adani Green Energy acquired 100% equity stake in Amdavad-based Duryodhana Developers.

Aurobindo Pharma Limited increased 1.1% to ₹845.10 after the natural and ayurvedic medicine maker received final approval from the U.S. Food and Drug Administration to manufacture and market anti-allergic generic Olopatadine hydrochloride ophthalmic solution.

The Canara Bank Ltd rose 0.9% to ₹245.90 after the financial service provider received approval from the board to raised up to ₹2,400 crore.

Godrej Properties Limited gained 2% to ₹341.50 after the Kotak Mahindra Bank acquired 1.37% stake in the company for about ₹90 crore.

Housing Development and Infrastructure Limited jumped 3.8% to ₹73.15 after the infrastructure developer signed an agreement with DK Realty to sell development rights of a parcel of land for about ₹649.51 crore in Mumbai.

National Buildings Construction Corporation Ltd. gained 1.5% to ₹1,005.20 after the construction services provider secured an order worth ₹3,000 crore from All India Institute of Medical Studies.

Reliance Communications Limited advanced 2.4% to ₹85.70 after the telecommunications services provider is in talks to acquire rival Aircel Ltd.

State Bank of India decreased 0.9% to ₹228.30 after the largest lender plans to raise up to ₹12,000 crore through a bond offering.

Valiant Communications Limited soared 5.5% to ₹117 after the communication equipment maker signed a comprehensive distribution agreement with Fibcom India Limited.