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Market Update

Modi Diplomacy Leads Adani, RPower to Invest $5.5B in Bangladesh

Author: Mukesh Buch
Last Update: 9:00 AM ET June 08 2015

6:00 PM Mumbai Adani Power and Rpower signed an agreement to invest a combined $5.5 billion in Bangladesh. Kotak Mahindra and ING Bank to explore cross border business opportunities.

Stocks in Mumbai declined and early signs of rains were welcome across the nation as many regions face drought conditions and severe shortage of water.

Rupee weakened 33 paisa to 64.08 against one U.S. dollar.

The Sensex Index slipped 245.40 or 0.9% to close at 26,523.09. The CNX Nifty decreased 70.55 or 0.9% to 8,044.15.

Gainers & Losers

Adani Power Limited declined 3.9% to ₹30.25 and the power generating company and Reliance Power signed an agreement to invest total of $5.5 billion in Bangladesh.

Kotak Mahindra Bank Limited slid 0.2% to ₹1,353.60 after the largest private bank and ING Bank are looking to work together in exploring cross border business opportunities.

NIIT Ltd. rose 0.9% to ₹38.85 after the information technology company received a five-year contract to provide managed training services to Norway-based Statoil, ASA.

Oil and Natural Gas Corporation Ltd decreased 0.7% to ₹306.20 after the oil and gas explorer plans to invest ₹41,678 crore or $6.51 billion to develop new oil and gas fields as well as redevelop mature fields.

Reliance Power Limited increased 1.5% to ₹45.40 after the power projects developer signed an agreement to develop 3,000 megawatts power projects with the Government of Bangladesh.

YES BANK Limited edged up 1% to ₹823.10 after the private sector lender received shareholder approval in increasing its borrowing limit to ₹50,000 crore from ₹30,000 crore.

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