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Market Update

India to Sell 5% in SAIL, India to Recover $160 M from Oil Contractors

Author: Mukesh Buch
Last Update: 12:08 PM ET December 04 2014

6:00 PM Mumbai – Central Bank plans to raise about Rs 626 crore. Strides Arcolab plans to construct biopharmaceutical manufacturing facility in Malaysia. Government of India is looking to recover $160 million on KG-D6 block from contractors.

The Sensex Index advanced 120.11 or 0.4% to close at 28,562.82. The CNX Nifty gained 26.75 or 0.3% to 8,564.40.

Gainers & Losers

Central Bank of India rose 0.1% to Rs 80 and the financial service provider plans to raise about Rs 626 crore through a preferential issue to Life Insurance Corporation.

Strides Arcolab Limited jumped 5.2% to Rs 976.65 after the pharmaceutical product maker’s plans to construct biopharmaceutical manufacturing facility in Malaysia for about $60 million or Rs 360 crore.

National Buildings Construction Corporation Limited climbed 5.5% to Rs 877.60 after the real estate developer signed a deal with Air India to develop land projects at various locations.

NMDC Limited advanced 1.1% to Rs 139.85 and the iron ore producer expects production to jump more than three-fold to 100 million tons by 2024-2025.

Reliance Industries Limited fell 0.8% to Rs 958.55 and the government of India is looking to recover $160 million or Rs 960 crore on its KG-D6 block from the contractors for sharply dropping the natural gas production.

Reliance Industries controls 60% of oil well, BP Plc controls 30% and Niko Resources holds 10% stake.

Sanghvi Forging and Engineering Limited soared 14.6% to Rs 51 after the forging products maker received orders for about Rs 11 crore from energy exploration companies.

Steel Authority of India Ltd slid 0.4% to Rs 85.35 after the government plans to sale 5% stake or 206.5 million shares to raise about Rs 1,700 crore through a secondary offering.

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