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Market Update

Sensex Plunges 2.3%, India Approves LNG Import for Power Plants

Author: Mukesh Buch
Last Update: 8:32 AM ET March 26 2015

6:00 PM Mumbai Indexes in Mumbai led the decline across Asia after a sell-off in New York. Amtek Auto to buy U.S.-based TRW Automotive Holdings Corp.s suspension unit for $500 million. Tata Power plans to buy 50% stake in Zambia-based Itezhi Tezhi Power.

Stocks in Mumbai fell sharply following the weak market closure in New York and growing conflict between Saudi Arabia and Yemen.

On Wall Street, S&P 500 index dropped 1.5%, the tech heavy Nasdaq lost 2.4% and the narrow index Dow Jones declined 1.6%.

Market sentiment was weak at the opening and indexes quickly dropped more than 1% after latest durable goods orders in the U.S. showed a decline prompting economic health worries.

In addition, market mood soured after Saudi Arabia launched air strike against the rebels in Yemen as a group of fighters strengthen hold on the southern city of Aden.

Markets across Asia declined between 0.8% and 1.4% and oil prices advanced on the growing tensions in the Middle East.

Rupee eased 37 paisa 62.70 against one dollar.

The Sensex Index declined 654.25 or 2.3% to close at 27,457.58. The CNX Nifty slipped 188.65 or 2.2% to 8,342.15.

Separately, the power ministry announced the finalization of a plan to import natural gas for the electric power generation and provide a direct financial subsidy to distribution companies.

The government has been focused on speeding up the sourcing of domestic coal and natural gas from international markets and increase electricity supply in many states including Madhya Pradesh, Gujarat and Maharashtra.

Gainers & Losers

Amtek Auto Limited jumped 6.2% to ₹141.95 after Bloomberg reported that the company is in talks to acquire U.S.-based TRW Automotive Holdings Corp.s suspension unit for $500 million.

Gayatri Projects Limited jumped 3.6% to ₹145.30 after the infrastructure developer won order worth ₹175.33 crore from Hyderabad.

Royal Orchid Hotels Ltd soared 10.2% to ₹40.50 after the hotel operator plans to sell a land parcel in Mumbai for about ₹65 crore.

State Bank of India dropped 3.2% to ₹256.90 and the financial service provider decided to dilute its stake from 76% to 51% in SBI General Insurance.

Tata Power Company Limited slipped 1.2% to ₹76.30 after the power producer plans to buy 50% stake in Zambia-based Itezhi Tezhi Power.

Tata Motors Limited decreased 2.8% to ₹526.15 after the largest automaker plans to invest 600 million to expand in the U.K.-based Jaguar Land Rover.

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