Sensex Extends 3-Day Losses, Rupee Nears Record Low

Sarla Buch
06 Jan, 2016
New York City

Philips Morris may acquire a controlling stake in Godfrey Philips India. Bank of India allotted shares to Life Insurance Corporation. L&T said its construction unit won orders for about ₹2,871 crore. SEBI banned Valecha Engineering and its promoters for three year from capital markets.

[R]6:00 PM Mumbai, India – Philips Morris may acquire a controlling stake in Godfrey Philips India. Bank of India allotted shares to Life Insurance Corporation. L&T said its construction unit won orders for about ₹2,871 crore. SEBI banned Valecha Engineering and its promoters for three year from capital markets.[/R]

Stocks in Mumbai extended losses for the third day in a row on the growing unease in Asian markets and China let the currency drift lower for the second day in a row.

Rupee weakened 22 paisa to ₹66.81 against one U.S. dollar.

The Sensex Index decreased 174.01 or 0.7% to close at 25,406.33. The CNX Nifty fell 43.65 or 0.6% to 7,741.

Gainers & Losers

Bank of India closed unchanged at ₹114.15 after the state-run lender allotted 2 crore shares worth ₹264.12 crore to Life Insurance Corporation.

Godfrey Phillips India Limited slipped 1.6% to ₹1,369.10 on news reports that Philips Morris initiated talks to acquire a controlling stake in the tobacco maker.

Philips Morris, the global giant controls 71.49% stake in the company and the rest is held by K K Modi led promoters group. The company may consider splitting into manufacturing arm and in the distribution and retail arm.

Larsen & Toubro Limited decreased 1.4% to ₹1,239.65 after the engineering services provider said its construction unit won orders for about ₹2,871 crore.

PBA Infrastructure Limited increased 1.7% to ₹21.55 after the infrastructure developer’s joint venture secured highway order worth ₹157.75 crore.

Premier Explosives Limited surged 19.9% to ₹495.90 after the explosives and accessories maker signed a memorandum of understanding with Israel Aerospace Industries.

RPP Infra Projects Ltd edged down 0.3% to ₹108 after the construction services provider won an order for ₹30.50 crore in Karnataka.

Sanghvi Forging and Engineering Limited gained 1.8% to ₹62.20 after the steel forgings maker secured a contract worth ₹11 crore.

Valecha Engineering Limited declined 10.9% to ₹47.70 after Securities Exchange Board of India banned the company and its promoters for three year from capital markets.