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Market Update

Lanco Infra Sell Plants for $830 M, Biocon Repurchases 7.7% Stake

Author: Mukesh Buch
Last Update: 12:09 PM ET September 10 2014

6:00 PM Mumbai Biocon repurchased its 7.7% stake from a unit of GE Capital for $36 million. ICICI Bank board approved a stock split of 5-for-1. Lanco Infratech sold power plants to raise $829 million. SAIL dropped after government plans to offload 5% stake.

The Sensex Index dropped 207.91 or 0.8% to close at 27,057.41 The CNX Nifty slumped 58.85 to 8,094.10.

Gainers & Losers

Biocon Ltd rose 0.4% to Rs 504 after the company agreed to buy back its stake of 7.7% in its research services business from a unit of GE Capital for Rs 215.38 crore or $35.5 million.

The company had sold the stake in October 2012 to GE for Rs 125 crore.

ICICI Bank Ltd gained 1.5% to Rs 1,571.40 after the board approved a 5-for-1 stock split.

The board approved the sub-division of one equity share of the bank in a face value of Rs 10 into five equity shares of Rs 2 per share.

Lanco Infratech Ltd soared 8.4% to Rs 8.76 after the company plans to sell power projects to raise Rs 5,000 crore or $828.9 million to reduce the debt of Rs 15,000 crore.

This divestment is in addition to the August sale of a 1,200 megawatt plant at Udupi in Karnataka to Adani Power Ltd.

RPP Infra Projects Ltd surged 10% to Rs 86.60 after the company secured an order worth Rs 89.47 crore in Tamil Nadu.

Steel Authority of India Limited declined 2.7% to Rs 80.95 after the central government plans to sell 5% stake before end of this month.

Tata Power Company Limited increased 1.6% to Rs 89.90 after the company won an order to supply the entire module for a 10 megawatt project in Rajasthan.

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