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Market Update

India Movers: Cipla, Gati, Kotak Mahindra, Network 18, RIL

Author: Mukesh Buch
Last Update: 9:44 AM ET June 18 2014

6:00 PM Mumbai – Cipla agreed to acquire 60% stake in a Sri Lankan company for $14 million. Kotak Mahindra won an approval to increase foreign investment ceiling to 40%. RIL plans to invest $11.7 billion in telecom business and expected the approval of higher natural gas price in the next budget.

The Sensex Index declined 274.94 or 1.1% to close at 25,246.25 The CNX Nifty slipped 73.50 to 7,558.50.

Gainers & Losers

Cipla Ltd jumped 2.9% to Rs 425.15 after the company agreed to acquire 60% stake in a Sri Lankan company for $14 million.

Gati Ltd rose 0.5% to Rs 125.90 after the company’s subsidiary plans to sell minority stake to expand. The company also said Domino’s Pizza Inc and Nestle SA demanding more for storage facilities.

The company’s subsidiary Gati Kausar Ltd is in talks to partner with overseas investors to raise Rs 120 crore or $20 million to build 10 warehouses across the nation in the next three years.

Kotak Mahindra Bank Limited climbed 2.2% to Rs 960 after the Reserve Bank of India permitted the bank to increase foreign investment ceiling limit from 37% to 40%.

Network 18 Media & Investments Ltd soared 4.6% to Rs 63.75 after the company made an additional investment in Bigtree Entertainment, the online entertainment ticketing site operator BookMyShow.

Reliance Industries Limited dropped 2.1% to Rs 1,066.80 after the chairman Mukesh Ambani said at the 40th Annual General Meeting that the company plans to invest about Rs. 1,08,000 crore or $11.7 billion in the telecoms business. Reliance Jio is scheduled to launch its services in 2015.

The company will start offering fourth-generation telecommunications services next year.

Ratnakar Bank Ltd., the bank plans to launch initial public offering and raise $250 million in the first quarter of 2015.

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