6:00 PM Mumbai, India – The central government plans to sell 10% stake in Coal India and raise about $3.2 billion. Mahindra Lifespace Developers to acquired land parcel in Maharashtra. Aviation regulator fined three largest domestic airlines for price fixing.
Stocks in Mumbai traded lower and market indexes eased more than 1% and railroad and aviation industry stocks were in focus and central government plans to lower its stake in Coal India by 10%.
Aviation stocks are trading lower after the Competition Commission of India charged a penalty to three largest airlines for colluding and airline ticket price fixing.
The regulatory agency charged Jet Airways ₹151.69 crore, IndiGo with ₹63.74 crore and SpiceJet ₹42.48 crore.
In Mumbai trading, Jet Airways declined 3.2%, SpiceJet Ltd slipped 2.4%, InterGlobe Aviation Ltd decreased 1.1%.
The sugar mill stocks gained after that the central government said it plans to offer a subsidy of ₹1,200 crore to farmers, CNBC-TV18 said.
Dhampur Sugar Mills advanced 2.2%, Shree Renuka Sugars soared 8%, Bajaj Hindusthan Sugar increased 2.3%.
Mawana Sugars Ltd surged 7.3%, Uttam Sugar Mills Ltd increased 1.2% and Oudh Sugar Mills jumped 5%.
The railways linked stocks gained after the Indian Railways increased minimum passenger fare increase to ₹10 from ₹5 for long-distance services and bring the fare in-line with the ticket price purchased at the stations from November 20.
Titagarh Wagons Ltd, Texmaco Rail and Engineering Ltd jumped 3.9%, Stone India Ltd gained 2% and Kalindee Rail Nirman Engineers Ltd surged 4%.
Rupee weakened 26 paisa to 66.27 against one U.S. dollar.
The Sensex Index dropped 381.95 or 1.5% to close at 25,482.52. The CNX Nifty slipped 105.75 or 1.4% to 7,731.80.
Gainers & Losers
Coal India Limited
rose 0.8% to ₹334.95 after the coal producer said the central government plans to sell 10% stake in the company and raise about $3.2 billion.
Gammon India Limited
soared 5.4% to ₹12.74 and the infrastructure developer transferred its construction business to a subsidiary Gammon Retail Infrastructure.
Mahindra Lifespace Developers Limited
edged down 0.6% to ₹472.10 after the real estate developer agreed to acquire land parcel in Palghar district of Maharashtra.
Simplex Infrastructures Limited
slid 0.3% to ₹318 after the infrastructure developer’s subsidiary plans to buy remaining 49% stake in Maa Durga Expressways Pvt Ltd from Gammon Infrastructure Projects Ltd for about ₹4.9 crore.
The company currently holds 51% of Maa Durga Expressways Pvt Ltd.
Persistent Systems Limited
fell 0.5% to ₹656.05 after the software services provider plans to buy the digital content management solutions business of the U.S.-based Akumina.
Valiant Communications Limited
soared 13.8% to ₹85.05 after the communication equipment maker secured a contract from Power Grid Corporation worth ₹8.03 crore.