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Market Update

Sensex in India Eases, More Coal Mining Rights Awards

Author: Mukesh Buch
Last Update: 8:02 AM ET March 18 2015

6:00 PM Mumbai – Ambuja Cements won coal mining rights in Chhattisgarh. Madhucon Projects received new road project order worth ₹397 crore in Tamil Nadu. Wipro acquired a minority stake in Drivestream Inc. for $5 million.

Stocks in Mumbai traded lower ahead of U.S. Fed rate decision and electric power producers, software services providers and infrastructure contractors led the decliners.

Rupee slid 1 paisa to 62.69 against one dollar.

The Sensex Index slipped 114.26 or 0.4% to close at 28,622.12. The CNX Nifty fell 37.40 or 0.4% to 8,685.90.

Gainers & Losers

Ambuja Cements Ltd dropped 2.1% to ₹252.75 after the cement maker won the Gare-Palma-IV/8 coal block rights in Chhattisgarh at a price of ₹2,291 per metric ton.

Bhushan Steel Limited fell 0.3% to ₹81.05 and the steel producer’s lenders are in talks to restructure long-term loans of about ₹23,000 crore or $3.7 billion.

Jindal Steel & Power Limited increased 0.9% to ₹175.55 after the steel producer said government may reject the company''s bids for two coal blocks in Chhattisgarh.

Madhucon Projects Limited jumped 4.9% to ₹58.05 after the construction company received new road project order worth ₹397 crore from National Highway Authority of India for the project work in Tamil Nadu.

Wipro Limited decreased 1.9% to ₹630.50 after the third largest software developer acquired a minority stake in Drivestream Inc. for $5 million.

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