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Market Update

M&M to Buy a Stake in Saab, ONGC Wins Oil Rights in New Zealand


Author: Mukesh Buch
ticker.com
Last Update: 8:38 AM ET December 11 2014

6:00 PM Mumbai Government approved to close down EIL unit in Malaysia. M&M agreed to acquire a stake in Sweden-based Saab. NTPC signed two term loan agreements worth Rs 3,000 crore. ONGC won an offshore oil and gas exploration block in New Zealand.

The Sensex Index declined 229.09 or 0.8% to close at 27,602.01. The CNX Nifty fell 62.75 or 0.8% to 8,292.90.

Gainers & Losers

Engineers India Limited added 0.4% to Rs 233.80 after the government approved the closure of a subsidiary in Malaysia.

Mahindra & Mahindra Limited rose 0.03% to Rs 1,265.65 and the tractor maker agreed to acquire a stake in Sweden-based struggling Saab Automotive.

NTPC Limited slipped 1.4% to Rs 133.70 after the power distributor signed two term loan agreements worth Rs 3,000 crore with banks.

Oil and Natural Gas Corporation Limited dropped 3% to Rs 350.20 and the oil explorer won an offshore oil and gas exploration block in New Zealand.

Om Metals Infraprojects Limited jumped 2.5% to Rs 28.50 after the infrastructure project operator secured a contract worth Rs 30.40 crore in Assam.

Tech Mahindra Limited advanced 1.7% to Rs 2,614.45 and the software services provider announced its intention to expand operations in Odisha.

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