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Market Update

Sensex in India Falls; Leelaventure Sells Goa Hotel for $111 M

Author: Mukesh Buch
Last Update: 9:15 AM ET September 21 2015

6:00 PM Mumbai – NBCC secured a contract to build a local trade and craft center in Varanasi. L&T expanded its order backlog with new orders this month. Hotel Leelaventure agreed to sell its marquee hotel in Goa for $111 million to a Malaysia-based firm.

Stocks in Mumbai struggled after mixed close in Asian markets and investors focused on domestic corporate news.

Rupee weakened 5 paisa to 65.72 against one U.S. dollar.

The Sensex Index fell 25.93 to close at 26,192.98. The CNX Nifty slid 4.80 to 7,977.10.

Gainers & Losers

Asian Paints Limited slipped 1.4% to ₹829.60 after the paint maker plans to invest up to ₹2,300 crore to set up a manufacturing plant at Mysuru, Karnataka.

Hotel Leelaventure Limited edged up 0.5% to ₹21.50 after the hotel operator plans to sell its Leela Goa to Malaysia-based MetTube Sdn. Bhd. for ₹725 crore. The proceeds will be used to lower company debt.

Leelaventure will continue to manage the 206-room hotel and the Goa-based hotel generated more than 12% income in the last two financial years.

Larsen & Toubro (L&T) Limited rose 0.8% to ₹1,551.75 after the infrastructure developer received orders worth ₹1,810 crore this month.

L&T Finance Holdings Limited dropped 2.6% to ₹66.85 after the financial services provider’s board approved the sale of 5% stake to Bain Capital for about ₹602 crore.

National Buildings Construction Corporation Ltd increased 1.4% to ₹940.15 after the construction services provider secured a project for construction of trade centre and crafts museum in Varanasi.

Power Mech Projects, Ltd., the construction services provider secured a contract from Jaypee Group''s Prayagraj Power Generation Co. for ₹167 crore.

The Sandesh Limited advanced 2.4% to ₹667.50 after the print media plans to acquire Sandesh Digital.

Steel Strips Wheels Limited soared 6.5% to ₹347.50 after the steel wheel rims maker said the Kalink Co., Ltd. plans to invest up to $2 million in the company.

TD Power Systems Limited surged 8.1% to ₹311.20 after the company won an order from Europe to supply multiple units of 10 megawatts generators to be installed in a single power plant located in Germany.

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