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Market Update

Rupee Drops to New Record Low, Cipla Wins Contract in South Africa


Author: Mukesh Buch
ticker.com
Last Update: 9:46 AM ET December 23 2014

6:00 PM Mumbai – Alstom T&D India secured a contract worth Rs 180 crore from NTPC. Cipla won an order for about Rs 1,100 crore in South Africa. Madhucon Projects to sell 74% stake in its subsidiaries. Mukand transfer its alloy steel business worth Rs 1,590 crore to its subsidiary.

Stocks in Mumbai traded lower and trading volume was below and investors focused on the recent volatility in the currency markets.

Rupee extended losses and dropped to a new low of 63.45 against one dollar as the stronger than seasonal demand for the foreign currency.

The Sensex Index dropped 195.33 or 0.7% to close at 27,506.46. The CNX Nifty fell 57 or 0.7% to 8,267.

Gainers & Losers

Alstom T&D India Limited jumped 2.1% to Rs 456 after the power generation equipment maker secured a contract worth Rs 180 crore or €23 million from NTPC.

Cipla Limited advanced 1.8% to Rs 629.65 and the largest drug maker’s subsidiary won an order for about Rs 1,100 crore or $173 million in South Africa.

Madhucon Projects Limited surged 14.9% to Rs 37.65 after the construction company signed an agreement with TRIL Roads to sell 74% stake in its subsidiaries.

Puravankara Projects Limited climbed 3.9% to Rs 82 after the infrastructure developer signed partnership agreement with 99acres.com.

Mukand Limited soared 11.2% to Rs 51.15 after the stainless steel product maker decided to transfer its alloy steel business worth Rs 1,590 crore to its subsidiary.

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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