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Market Update

RBI in India Leaves Rate Unchanged; Maruti, M&M Auto Sales Jump


Author: Sarla Buch
ticker.com
Last Update: 8:17 AM ET December 01 2015

6:00 PM Mumbai, India The Reserve Bank of India left its repo rate unchanged at 6.75%. Maruti Suzuki India said auto sales in November advanced 9.7% and M&M vehicle sales surged 21%. TV18 and CNN plans to renew their partnership.

Stocks in Mumbai traded higher after the Reserve Bank left its key lending rate unchanged as expected by most economists.

The Reserve Bank of India repo rate remains unchanged at 6.75% and cash reserve ratio also unchanged at 4%, the Reserve Bank of India said.

Rupee strengthened 18 paisa to 66.49 against one U.S. dollar.

The Sensex Index increased 23.74 to close at 26,169.41. The CNX Nifty rose 19.65or 0.3% to 7,954.90.

Gainers & Losers

Allahabad Bank edged up 4% to ₹77.35 after the financial services provider plans to sell its stake in Universal Sompo General Insurance Company.

Emami Paper Mills Limited advanced 3.3% to ₹56 after the printing paper maker plans to invest ₹1,000 crore to double the capacity of its paperboard unit at Balgopalpur, Orissa in the next three years.

Mahindra & Mahindra Ltd edged up 0.2% to ₹1,369.70 after the largest tractor maker said total sales in November soared 21% from a year ago to 41,590 units.

The company added domestic auto sales in the month surged 23% to 39,383 units and export increased 1% to 2,207 units.

Maruti Suzuki India Limited fell 0.5% to ₹4552.85 after the automaker said November total sales advanced 9.7% from a year ago to 120,824 units.

Domestic sales in the month jumped 10.6% to 110,599 units and exports rose 1% to 10,225 units.

The company also plans to acquire land at 5,000 sites across the country under a new subsidiary.

Network18 Media & Investments Limited rose 0.9% to ₹52.10 after the entertainment company said its subsidiary TV18 and CNN plans to renew their partnership for the TV channel CNN-IBN.

Steel Strips Wheels Limited jumped 3.3% to ₹389.80 after the steel wheel rims maker secured an export order from the U.K.-based Jaguar Land Rover.

Quikr India Pvt. Ltd, the online classified portal plans to buy real estate portal Commonfloor.com for a price between $100 million and $200 million.

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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