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Market Update

Sensex Flirts Record Level, Weekly Rise of 0.2%

Author: Mukesh Buch
Last Update: 9:18 AM ET September 19 2014

6:00 PM Mumbai – Bharti Airtel may face fines for spectrum cost and migration fee. Biocon divested 10% stake in Syngene International. GTL Infra signed a telecom tower sharing contract with Reliance Jio.

Stocks on Dalal Street gained at the opening and the Sensex index traded near a record high but the weakness in auto makers, telecom and software service provider dragged the index.

The Sensex Index fell 21.79 to close at 27,090.42 The CNX Nifty gained 6.70 to 8,121.45. For the week, the Sensex rose 0.1% and the CNX Nifty added 0.2%.

Gainers & Losers

Bharti Airtel Limited fell 0.2% to Rs 414.85 after the wireless telecom may have to pay Rs. 436 crore for merging of Airtel Broadband Services Pvt Ltd for spectrum cost and migration fee.

Biocon Ltd increased 1.4% to Rs 506.75 after the company divested 10% stake of Syngene International unit to Silver Leaf Oak (Mauritius) for Rs 380 crore.

Cipla Ltd gained 1.2% to Rs 627.80 after the signed a licensing sale agreement with US-based Salix Pharmaceuticals Inc, a specialty pharmaceutical company for patents held by the company.

GTL Infrastructure Limited climbed 4.9% to Rs 3.16 after the company signed a master services agreement with Reliance Jio Infocomm for 27,800 tower sharing across the country.

Infosys Ltd edged up 0.02% to Rs 3,701.45 after the information technology signed a partnership agreement with Huawei Technologies Co Ltd to offer enterprise customers cloud computing services.

Infosys said it had also expanded existing cloud computing partnerships with Microsoft Corp and a unit of Hitachi Ltd.

Kotak Mahindra Bank Limited increased 1.5% to Rs 1,063.05 after the company’s subsidiary will acquire domestic funds managed by PineBridge Mutual Fund.

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