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Market Update

India Approves $8 B Irrigation Plan, Bharti to Sell Africa Towers for $1.3 B

Author: Mukesh Buch
Last Update: 11:54 AM ET July 03 2015

6:00 PM Mumbai – Bharti agreed to sell its mobile tower assets in South Africa for $1.3 billion. Lupin agreed to acquire a Russia based generic pharmaceuticals maker. GSFC plans to invest nearly $1.8 billion in Dahej, Gujarat and set up four new manufacturing units.

Stocks in Mumbai rebounded after worries linked to Greece receded and investors focused on local economic news.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi approved a ₹50,000 crore to a new irrigation scheme the “Pradhan Mantri Krishi Sinchayee Yojana” over a period of five years.

Rupee strengthened 5 paisa to 63.46 against one U.S. dollar.

The Sensex Index increased 146.99 or 0.5% to close at 28,092.79. The CNX Nifty rose 40 or 0.5% to 8,484.90.

For the week, Sensex Index advanced 1% and CNX Nifty jumped 1.2%.

Gainers & Losers

Bharti Airtel Limited edged up 0.3% to ₹434.80 after the largest wireless service provider agreed to sell its mobile tower assets in South Africa and raise $1.3 billion.

Bliss GVS Pharma Limited soared 20% to ₹157.80 after the drug maker’s subsidiary received an annual medical service contract in Kenya.

Gujarat State Fertilizers & Chemicals Limited edged up 0.1% to ₹69.90 after the fertilizer maker plans to invest ₹10,000 crore to set up four new projects in the city of Dahej.

Lupin limited increased 1.6% to ₹1900.45 after the pharmaceutical products maker acquired 100% stake of Russia-based ZAO Biocom with sale 861 million rubles or ₹98 crore.

Mahanagar Telephone Nigam Limited surged 19.9% to ₹19.90 on reports that the government may delist the telecom services provider ahead of its merger with BSNL.

Sanghi Industries Limited jumped 3.3% to ₹53.85 after the cement maker established new cement grinding mill at Sanghipuram, Kutch District.

Steel Strips Wheels Limited advanced 1.8% to ₹295.40 after the wheel maker said total wheel rim sales in June advanced 10% to 10.28 lacs or 1.028 million compared with 9.30 lacs in a year ago month.

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