Sensex in Mumbai Gains; Cadila, GIC in Focus

Sarla Buch
31 Dec, 2015
New York City

Stocks in Mumbai edged higher in thin trading. GIC Housing Finance plans to buy 16% stake in LIC Nomura mutual fund unit. National Highways Authority of India awarded first phase development contract for Delhi-Meerut to Welspun Enterprises.

[R]6:00 PM Mumbai, India – Stocks in Mumbai edged higher in thin trading. GIC Housing Finance plans to buy 16% stake in LIC Nomura mutual fund unit. National Highways Authority of India awarded first phase development contract for Delhi-Meerut to Welspun Enterprises.[/R]

Stocks in Mumbai gained and rupee traded near its recent low in thin trading as investors stayed away from the markets in the last week of trading.

Asian markets also closed mixed in quiet trading and mainland China companies in Hong Kong showed some spark.

Rupee strengthened 24 paisa to ₹66.15 against one U.S. dollar.

The Sensex Index rose 157.51 or 0.6% to close at 26,117.54. The CNX Nifty edged up 50.10 or 0.6% to 7,946.35.

Gainers & Losers

Cadila Healthcare Ltd plunged 15% to close at ₹327.80 after the company said in a filing with the Bombay Stock Exchange that it has received warning letters from the U.S. drug regulator for its two manufacturing facilities located at Amdavad and Moraiya in Gujarat.

GIC Housing Finance Ltd increased 1.6% to ₹236.20 after the housing loan provider received approval from the board and plans to buy 16% stake in LIC Nomura Mutual Fund Asset Management Company for ₹22.68 crore.

Inox Leisure Ltd closed nearly unchanged at ₹238 after rising as much as 2% and the company is scheduled to launch commercial operation of multiplex cinemas located at a PVS Mall in Meerut.

JMT Auto Ltd. declined 3.3% to ₹87.55 after the auto components maker’s promoters pledged their entire stake of 71.73% in the company to IL&FS Trust Co. Ltd.

Prakash Steelage Limited soared 6.8% to ₹150.60 after the steel products maker said the Spain-based Tubacex SA completed the purchase of 67.5% stake in its seamless stainless steel tubes division.

State Bank of Travancore gained 1.5% to ₹413.30 after the financial service provider plans to raise up to ₹1,250 crore.

Welspun Enterprises Limited jumped 4.9% to ₹64.10 after the infrastructure developer won an order worth Rs 841.50 crore from National Highways Authority of India for the development of Delhi-Meerut Expressway.