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Market Update

8-Day Rally in Sensex in India


Author: Mukesh Buch
ticker.com
Last Update: 8:54 AM ET June 23 2015

6:00 PM Mumbai Bharti Enterprise agreed to form a venture with Japan-based SoftBank and Taiwan-based Foxconn Technology and bid for solar projects in India. DLF plans to raise up to ₹5,000 crore through non-convertible debentures offering.

Sensex index in Mumbai traded higher for the eighth session in a row, the longest advance in five months.

Rupee weakened and markets in Europe surged on the optimism that Greece and European lenders are inching closer to a compromise.

Rupee weakened 7 paisa to 63.58 against one U.S. dollar.

The Sensex Index gained 74.16 or 0.3% to close at 27,804.37. The CNX Nifty rose 28.45 or 0.3% to 8,381.55.

Gainers & Losers

Bharti Enterprises the parent company of the largest wireless services provider formed a joint venture to bid for solar power plants in India.

Japan-based SoftBank Corp will control majority stake and and Taiwan-based Foxconn Technology and Bharti will hold minority stakes in the joint venture under certain conditions.

The venture plans to invest $20 billion in solar and wind power generation over ten years.

DLF Limited gained 2.5% to ₹117.50 after the real estate developer plans to raise up to ₹5,000 crore through a non-convertible debenture offering.

ITC Limited added 1.4% to ₹314.55 and the company merged two subsidiaries Russell Credit and BFIL Finance.

Jaypee Infratech Limited soared 9.1% to ₹13.80 after the infrastructure developer plans to cut debt and not sell its cement plant to Heidelberg Cement.

Larsen & Toubro Limited increased 1.9% to ₹1,765.05 after the infrastructure developer plans to raise₹1,600 crore to ₹1,800 crore through the sale of 10% to 12% stake to investors, The Economic Times reported.

Mahindra And Mahindra Ltd advanced 1.9% to ₹1,333.65 after the tractor maker launched its small commercial vehicle, Jeeto from its Zaheerabad plant in the state of Telangana.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc