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Market Update

JSW Steel Agrees to Acquire Welspun Maxsteel

Author: Mukesh Buch
Last Update: 10:00 AM ET August 19 2014

6:00 PM Mumbai Adani Ports starts expansion of Dhamra Port. BHEL developed fuel flexible boiler. Godrej will manufacture soaps and insecticides at new plant in Seemandhra. JSW Steel agreed to acquire Welspun Maxsteel for Rs 1,000 crore.

The Sensex Index gained 29.71 to close at 26,420.67 The CNX Nifty rose 23.25 to 7,897.50.

Gainers & Losers

Adani Ports & Special Economic Zone Ltd soared 4.4% to Rs 286.10 after the group chairman Gautam Adani said expansion of Dhamra Port in Bhadrak district will start soon.

The company acquired the port from L&T and Tata in a deal valued at Rs 5,500 crore.

Bharat Heavy Electricals Limited jumped 2.8% to Rs 227.25 after the company developed a new boiler with flexible fuel using various grades of coal.

Godrej Consumer Products Limited climbed 3.6% to Rs 914.85 after the company plans to manufacture soaps and insecticides at the proposed new plant in Seemandhra.

JSW Steel Limited gained 0.7% to Rs 1,285.60 after the company agreed to acquire entire equity stake in Welspun Maxsteel for Rs1,000 crore.

Ramco Systems Ltd climbed 5% to Rs 390.90 after the company secured a five-year contract from the Asia division of Netherlands-based Koninklijke Vopak NV for a human resource integration system.

Royal Orchid Hotels Limited closed unchanged at Rs 43.50 after the hotelier reported net in the first-quarter ending swung to profit Rs 0.73 crore from a net loss of Rs 8.53 crore and revenue declined 12% to Rs 20.40 crore.

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