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Market Update

Sensex in India Falls on Asian Weakness

Author: Sarla Buch
Last Update: 8:03 AM ET November 23 2015

6:00 PM Mumbai, India – Tata Communications is in talks with South Africa-based Vodacom SA to sell its Africa-based subsidiary Neotel. SeQuent Scientific’s subsidiary plans to buy Turkey-based Topkim worth $7 million. Phoenix Mills said quarterly net and sales rose ahead of expectations.

Stocks in Mumbai traded lower after Asian markets declined on the China growth worries and a persistent decline in commodities prices.

Prices of copper, iron ore and coal declined to a six-year low and the rising dollar also lifted inflation expectations in the emerging market.

Rupee weakened 24 paisa to 66.42 against one U.S. dollar.

The Sensex Index decreased 49.15 to close at 25,819.34. The CNX Nifty slid 7.30 to 7,849.25

Gainers & Losers

Aurobindo Pharma Limited rose 1.8% to ₹847.20 after the natural and ayurvedic medicine maker received approval of the U.S. food and drug administration to manufacture and market for sildenafil tablets.

Cadila Healthcare Limited increased 1.6% to ₹423.95 after the healthcare products maker plans to make Tenglyn – Teneligliptin 20 mg tablets, the most affordable gliptin for diabetics in India.

Cera Sanitaryware Limited advanced 2.8% to ₹1,900 after the bath solutions provider agreed to acquire 51% stake in Andhra Pradesh-based Anjani Tiles for about ₹18.36 crore.

The Phoenix Mills Limited edged up 0.1% to ₹357.35 after the real estate developer said net in the second-quarter soared 17.5% from a year ago to ₹24.56 crore.

Net revenues in the quarter fell 4.8% to ₹422.26 crore.

Tata Communications Limited edged down 0.1% to ₹434.25 after the telecommunication services provider is in talks with South Africa-based Vodacom SA for a revised transaction structure to sell its South African subisidiary, Neotel.

The company reached an agreement between shareholders of two companies to acquire all of Neotel valued at an enterprise value of 7 billion rand.

Titan Company Limited gained 2.3% to ₹380.05 after the watch-maker signed an agreement with the U.S. based Hewlett Packard Inc to make smart watches.

SeQuent Scientific Limited soared 5.6% to ₹957 after the animal drugs maker’s subsidiary Alivira Animal Health plans to buy Turkey-based veterinary medicines maker Topkim for $7 million.

Suzlon Energy Limited edged down a fraction to ₹22 after the wind turbine maker won an order for a 31.50 mega watt wind power project from Hero Future Energies.

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