6:00 PM Mumbai – IVRCL sold its stake in Chennai desalination plant worth Rs 110 crore to Dubai-based Utico FZC. Jyoti Structures won several domestic and export contracts. Jindal Steel raised Rs 1,000 crore through debenture. Petron Eng won twin orders worth Rs 24 crore.
Stocks in Mumbai bounced around in the week and closed on a higher note with no noticeable change in the index.
Rupee closed down 19 paisa and fell to new record low 63.23 against one dollar after oil companies searched for more dollars. The demand from oil companies was strong despite the falling price of the commodity in the international markets.
In addition, rupee was also pushed down by the weakness among emerging markets currencies after Russian ruble collapsed in the last week and lost nearly 40% of its value. The fear of 1998-style contagion left currencies of Turkey, Indonesia, Brazil, Mexico and several other emerging nations weaker.
Rupee suffered from the oil price jumped from $60 a barrel to $140 barrel in the last five years but has not benefitted from the recent collapse of oil below $60 a barrel in the last five months.
Investors have also been worried of the rising interest rates in the U.S. and the dollar index is at a high in recent years on the strengthening U.S. economy.
The Sensex Index jumped 245.27 or 0.9% to close at 27,371.84. The CNX Nifty advanced 65.90 or 0.8% to 8,225.20.
For the week, Sensex fell 0.03% and the CNX Nifty closed unchanged.
Gainers & Losers
Dr. Reddy’s Laboratories Limited
advanced 1.3% to Rs 3,191.05 after the drug maker acquired Habitrol brand from Novartis Consumer Health.
declined 3.6% to Rs 14.70 after the infrastructure developer sold its entire stake in Chennai desalination plant worth Rs 110 crore to Dubai-based Utico FZC.
Jyoti Structures Limited
climbed 3.6% to Rs 40.70 after the infrastructure equipment maker secured domestic and export contracts worth Rs 1,495 crore.
Jindal Steel & Power Limited
declined 1.2% to Rs 137 after the steel producer raised Rs 1,000 crore through a non-convertible debenture issue.
Petron Engineering Construction Limited
surged 10% to Rs 163.95 after the conglomerate won twin orders worth Rs 24 crore for power plant and civil construction.