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Market Update

India Cancels Coal Rights to Jindal, Sesa; India to Trim BHEL Stake

Author: Mukesh Buch
Last Update: 9:48 AM ET March 23 2015

6:00 PM Mumbai – Central Government plans to lower its stake in BHEL by 5%. Central Government rejected three coal mining awards to Jindal Steel. MRF plans to invest ₹4,500 crore in Tamil Nadu.

Stocks in Mumbai traded lower and rupee gained and indexes in Asia rallied after markets in New York and Europe advanced.

Rupee strengthens 19 paisa 62.27 against one dollar.

The Sensex Index fell 69.06 to close at 28,192.02. The CNX Nifty slid 20 to 8,550.90.

Gainers & Losers

Bharat Heavy Electricals Limited declined 3.6% to ₹237 after the power equipment maker said Central Government plans to sale 5% stake in the company.

Binani Industries Limited fell 0.3% to ₹93.70 after the cement producer’s U.S.-based subsidiary sold most of its assets to Core Molding Technology, lnc.

Brigade Enterprises Limited slipped 1.8% to ₹137 after the infrastructure developer plans to develop an economic zone focused on IT industry in Whitefield, Bangalore.

Jindal Steel & Power Limited dropped 6.3% to ₹154.55 after the steel producer reported government rejected its three coal mining awards for Gare Palma IV/2 & IV/3 and Tara Coal blocks.

Coal Secretary Anil Swarup confirmed in a statement that the bids were rejected as “the highest bidder does not reflect fair value.”

A separate bid by Bharat Aluminium Co and Sesa Goa was also rejected by the Central Government and blocks were awarded to Coal India, according to a report from Press Trust of India.

Jindal has challenged the government’s decision in the Delhi High Court.

MRF Limited slipped 3.5% to ₹38,439.10 after the tyre maker plans to invest ₹4,500 crore in Tamil Nadu.

Suzlon Energy Ltd advanced 1.1% to ₹27.30 after the wind turbine maker received approval from investors to sell Germany-based Senvion SE to Centrebridge Partners.

Thomas Cook (India) Limited jumped 2.3% to ₹216 after the travel services provider reported Mauritius-based Fairbridge Capital sold its 29.76% stake for ₹1,698.15 crore to Fairfax group.

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