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Market Update

Japan’s SMTB and Reliance Capital in Strategic Partnership

Author: Mukesh Buch
Last Update: 9:25 AM ET December 26 2014

6:00 PM Mumbai – Alphageo (India) secured a contract from Oil India, Assam. BPCL plans to raise Rs 4,000 crore for the expansion of its Kochi refinery. Essar Oil buys 73.9% stake in Vadinar Power. Japan-based Sumitomo Mitsui Trust Bank takes 2.77% stake in Reliance Capital.

Indian rupee declined to a record a low 3 paisa to close at 63.56 against one dollar in thin trading on sustained demand for dollars from oil refiners.

The Sensex Index gained 33.17 to close at 27,241.78. The CNX Nifty added 26.60 to 8,200.70.

For the week Sensex rose 0.4% and CNX Nifty increased 0.5%.

Gainers & Losers

Alphageo (India) Limited soared 9.8% to Rs 532.20 after the oil explorer secured a contract worth Rs 10.42 crore from Oil India, Assam.

Bharat Petroleum Corporation Limited rose 0.5% to Rs 643.85 and the central government controlled oil marketing company plans to raise Rs 4,000 crore for the expansion of its Kochi refinery and to fund its petrochemicals venture.

Essar Oil Limited advanced 1.7% to Rs 108.60 after the oil and gas explorer agreed to acquire 73.99% stake in Vadinar Power Company.

SpiceJet Limited climbed 9.1% to Rs 19.25 after the discount airline reported that the U.S.-based JPMorgan Chase controlled private equity fund with Alok Singh plans to acquire 58% stake held by the founder Kalanithi Maran.

The struggling airline has cancelled more than 2,000 flights a month and recently the discount carrier has delayed salary payment for as long as six months.

Reliance Capital Ltd. increased 0.3% to Rs 498.85 after Japan based Sumitomo Mitsui Trust Bank agreed to take 2.77% stake in the financial service company for Rs 371 crore.

The deal was struck between the largest financial institution in Japan and Reliance at Rs 530 per share, 11% premium to last trading price before the holiday.

Reliance Capital plans to apply for a banking license in partnership with SMTB.

VA Tech Wabag Ltd rose 0.9% to Rs 1,528.05 after the drinking water supplier won an order for about Rs 175 crore in Valenzuela and Philippines.

Zensar Technologies Limited surged 7.7% to Rs 623.55 after the software developer secured multi-million contracts for infrastructure management business in the U.S.

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