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Market Update

Sensex and Rupee Struggle, Adani and Welspun in Power Plant Talks

Author: Mukesh Buch
Last Update: 11:43 AM ET October 08 2015

6:00 PM Mumbai – Rajesh Exports received an export order from UAE. Adani Power and Welspun are in talks to sell power plants. MAN Industries India secured orders worth $110 million. Trilogic and ITV Network partner for new channel ventures.

Stocks in Mumbai slipped and investors prepared ahead of corporate earnings announcements next week.

World markets have been volatile and China slowdown continues to roil commodities markets. Crude oil traded lower after the latest U.S. inventories report suggested unexpected rise last week.

Rupee weakened 11 paisa to 65.09 against one U.S. dollar.

The Sensex Index slipped 190.04 or 0.7% to close at 26,845.81. The CNX Nifty fell 48.05 or 0.6% to 8,129.35.

Gainers & Losers

Adani Power Limited fell 1.1% to ₹26.30 after the power producer signed memorandum of understanding for due diligence with the Welspun Group to buy ready-to-build coal-fired power plants.

Apollo Hospitals Enterprise, Ltd. dropped 2% to ₹1,450 after the healthcare services provider’s subsidiary plans to raise ₹500 crore.

Man Industries (India) Ltd soared 5.1% to ₹109.80 after the petrochemical products make rsecured orders worth ₹700 crore from oil, gas and water sector projects.

Paytm, the electronics payment company plans to roll out its hyperlocal business within next 10 days and expects more than half of its sales to come from this channel by the end of 2016, a senior company executive said.

The company’s Paytm mobile wallet offering, will initially focus on food ordering, restaurant bookings, cinema tickets, and deals in the neighbourhood in partnership with multiple firms including BookMyShow, PVR, Zomato among others, said Vijay Shekhar Sharma, founder and chief executive officer of Paytm.

Rajesh Exports Limited increased 1.9% to ₹647.70 after the gold and diamond jewellery maker received an export order worth ₹1,360 crore from UAE.

Shilpi Cable Technologies Limited jumped 3.9% to ₹66.10 after the wires and cables supplier signed an agreement with the New Zealand-based Eyecom Telecommunications.

Trilogic Digital Media Ltd surged 17.1% to ₹18.85 after the digital media company agreed to acquire non-news channels from ITV Network, the fastest growing news network in India.

Two companies in partnership plan to launch several entertainment channels.

Tribhovandas Bhimji Zaveri Limited soared 9.6% to ₹134.80 after the jewellery maker and retailer agreed to sell online its products on Snapdeal.com.

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