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Market Update

IDBI to Sell 5% Stake in NSC, Rupee Bounces Around Record Low

Author: Mukesh Buch
Last Update: 10:19 AM ET December 22 2014

6:00 PM Mumbai – Bajaj Auto secured an order for 1,25,000 motorcycles from Sri Lanka. BHEL secured acontract worth €17 million for 430 megawatts in Turkey. Government plans to divest 10% from MOIL. Suzlon Energy won four contracts for 60 megawatts in UK.

Stocks soared in Mumbai trading after world and Asian markets stabilized and rupee advanced 7 paisa against one dollar.

The weakness in rupee surprised many traders over the last three months of trading when oil price fell nearly 50%, the largest commodity imported by India.

The lower oil price helps India in narrowing trade deficit which hovers between $100 billion and $120 billion, before the oil price collapse.

The Sensex Index climbed 329.95 or 1.2% to close at 27,701.79. The CNX Nifty gained 98.80 or 1.2% to 8,324.

Gainers & Losers

Bajaj Auto Limited rose 0.3% to Rs 2,473 after the automobile maker secured an order for 1,25,000 units of Discover-125M motorcycles from Sri Lanka.

Bharat Heavy Electricals Limited jumped 2.7% to Rs 265.75 and the power generation equipment maker secured a contract worth €16.96 million for 430 megawatts in Turkey.

Crompton Greaves Limited gained 1.5% to Rs 183.10 after industrial equipment maker won an order from Belgian-based offshore wind farm operator Northwind.

DLF Limited advanced 1.3% to Rs 133.75 after the real estate developer plans to sell commercial assets to raise about $500 million or Rs 3,000 crore.

IDBI Bank Limited added 2.1% to Rs 69.40 after the financial service provider plans to sell its 5% stake or Rs 1,000 crore in National Stock Exchange.

MOIL Limited advanced 1.2% to Rs 298.80 after the government plans to divest 10% stake or Rs 500 crore to the company.

Mahanagar Telephone Nigam Limited jumped 1.9% to Rs 25.90 telecommunication service provider raised Rs 3,769 crore through a bond offering.

Suzlon Energy Limited climbed 7.8% to Rs 13.77 after the wind turbine generator maker’s subsidiary won four contracts for 60 megawatts in UK.

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