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Market Update

Gap and Arvind in India in Retail Venture, Suzlon Seeks Japanese Partner

Author: Mukesh Buch
Last Update: 9:18 AM ET August 22 2014

6:00 PM Mumbai – Arvind plans to open 40 stores in a retail venture with the U.S.-based retailer Gap. Hotel Leela and U.K. based Carnival Group discuss acquisition. L&T received total contract worth Rs 1,832 crore in July.

The Sensex Index rose 59.44 or 0.2% to close at 26,419.55 The CNX Nifty gained 22.10 to 7,913.20. For the week, Sensex increased 1.3%.

Gainers & Losers

Arvind Limited gained 1.2% to Rs 255.90 after the company signed an agreement with U.S.-based clothing company Gap Inc. to open 40 stores in India.

Cyient Ltd declined 5.2% to Rs 400.60 after the company agreed to acquire 51% stake in the U.S.-based Invati Insights, a start-up data sciences company for about $5 million.

Hotel Leela Venture Limited surged 5.1% to Rs 24.80 on reports that the UK-based Carnival Group intends to buy Leela Chennai for Rs 850 crore.

Larsen & Toubro Limited rose 0.3% to Rs 1,536.55 after the company secured contract worth Rs 1,832 crore in July.

Suzlon Energy Ltd climbed 4.5% to Rs 23.25 after reports in Japan suggested that the company’s German unit Senvion SE is in talks with Japanese companies to form a partnership.

Sanghi Industries Ltd soared 4.9% to Rs 33.95 after the company reported net in the fourth-quarter swung to profit Rs 35.46 crore compared to a net loss of Rs 35.74 crore and revenue surged 30.5% to Rs 288.80 crore.

For the year, net profit climbed 8.1% to Rs 49.58 crore and revenue jumped 5.6% to Rs 1,048.26 crore.

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