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Market Update

Sensex Soars 1.6%, Hindustan Unilever Sells Bakery Business

Author: Mukesh Buch
Last Update: 1:17 PM ET September 09 2015

6:00 PM Mumbai Ė Hindustan Unilever sold its bakery business to Nimman Foods. JK Tyre jumped 3% and the company plans to make tyres scooters. Hindalco refinanced about $2.2 billion of debt and extended loans for 10 more years.

Stocks in Mumbai rebounded and market indexes traded firmly higher in active trading.

Rupee strengthened 14 paisa to 66.40 against one U.S. dollar.

The Sensex Index soared 401.71 or 1.6% to close at 25,719.58. The CNX Nifty increased 130.35 or 1.7% to 7,818.60.

Gainers & Losers

GlaxoSmithKline Pharmaceuticals Limited edged up 0.1% to ₹3,316.05 and the drug maker started to work on its largest manufacturing unit located at Vemgal, Karnataka.

Hindalco Industries Ltd soared 7.9% to ₹78.60 after the aluminium producer refinanced ₹14,700 crore or $2.2 billion of debt and the project loan is extended for 10 more years.

The metal maker under the revised term will have to repay 6% of its debt in the first five years, versus 35%.

The company debt has surged to ₹29,000 crore in four years through March and the interest costs surged four-fold in two years through June.

Hinduja Ventures Limited gained 4% to ₹379.80 after the financial services providerís subsidiary, Grant Investrade, secured the operating licence for the digital television services from the Ministry of Information & Broadcasting.

Hindustan Unilever Limited edged up 0.1% to ₹803.15 after the consumer goods maker sold its bread and bakery business to Nimman Foods for an undisclosed amount.

IVRCL Limited advanced 2.2% to ₹6.84 after the infrastructure developer plans to sell its assets and raise up to ₹1,000 crore to reduce debt.

IL&FS Transportation Networks Limited jumped 4.7% to ₹92.25 after the transportation infrastructure developerís subsidiaries signed two agreements with National Highway Authority worth ₹ 4,174 crore in Maharashtra.

JK Tyre & Industries Ltd jumped 3.4% to ₹102.95 after the largest four-wheeler tyre maker plans to enter into the two-wheeler tyre market.

Tara Jewels Limited rose 0.2% to ₹33 after the jewellery retailer secured an order worth ₹53.4 crore or $8 million from the largest retailer in the word, Walmart Stores.

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