6:00 PM Mumbai – Asian Paints acquired 51% stake in Sleek Group. AGC Networks acquired part of business of the U.S. based Transcend United Technologies. GMR is exploring to bid for $400 million airport upgrade project in Philippines. ONGC may acquire 20% stake in the Mozambique gas field.
The Sensex Index declined 285.10 or 1.5% to close at 19,008.10 The CNX Nifty dropped 89.30 to close at 5,745.95.
Shares of nearly 12 banks declined more than 2% after the Reserve Bank of India lowered the key policy rate by 25 basis points to 7.5% and kept cash reserve ratio unchanged at its mid-quarter review.
Gainers & Losers
Asian Paints Limited
slipped 1.9% to Rs 4,909.05 after the company acquired 51% stake in the Sleek Group that makes kitchenware.
AGC Networks Limited
rose 0.8% to Rs 126.95 after the company’s subsidiary acquired part of the business of US based Transcend United Technologies for an undisclosed amount.
GMR Infrastructure, Ltd
declined 2.1% to Rs 20.70 after the company said it is exploring option to bid for $400 million airport upgrade project in the Philippines.
Coal India Limited
fell 1.5% to Rs 298.15 and the coal miner said it supplied 309.70 million tons of coal to power manufacturers by February and covered 95% of the target.
slid 0.2% to Rs 2,856.45 after offering online service to Indian postal service to develop and implement distribution platform for its rural operations.
jumped 3.1% to Rs 224.40 after the board of directors approved allotment of 21,200 equity shares under employees’ stock options.
Oil and Natural Gas Corporation Limited
slumped 2.4% to Rs 309.70 after the company bid for 20% stake in the Mozambique gas field.
Sadbhav Engineering Limited
gained 1.7% to Rs 116 after the company’s joint venture secured contract worth Rs 245.61 crore from Narmada Development Halon Division.