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Market Update

IDBI Bank Plunges on Coal Loan Worries, SAIL to Expand Capacity

Author: Mukesh Buch
Last Update: 11:19 AM ET September 24 2014

6:00 PM Mumbai – Aditya Birla group is in talks with Educomp to acquire its schools business. IDBI Bank plunged after Supreme Court order on scrapping coal blocks. SAIL finalized its production capacity of 50 million tons by 2025. Thermax won an export order worth about Rs 339 crore.

The Sensex Index fell 31 to close at 26,744.69 The CNX Nifty slid 15.15 to 8,002.40.

Gainers & Losers

Educomp Solutions Ltd jumped 2.5% to Rs 33.30 on reports that Aditya Birla group is in talks to acquire the schools business from the company.

IDBI Bank Ltd plunged 5.5% to Rs 67.55 after the Supreme Court order on scrapping coal blocks and the bank has lent nearly $328 million of loans to the struggling coal miners.

Steel Authority of India Limited dropped 2.9% to Rs 68.95 after the steel producer finalized to increase its production capacity to 50 million tons by 2025 and invest Rs 1,50,000 crore.

SPML Infra Ltd declined 3.1% to Rs 80 and the company won two contracts to build and supply drinking water pump stations in BangaloreMetropolitan Area.

Thermax Ltd climbed 3.3% to Rs 917.60 after the company’s US-based joint venture won an export order worth about Rs 339 crore.

Venus Remedies Ltd slumped 3.3% to Rs 276.35 after the company estimated Rs 1,000 crore by 2018.

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