6:00 PM Mumbai – Consumer price index increase in March slowed to 5.17%. Info Edge to invest in Zomato, restaurant review website operator. L&T signed an agreement with France-based Areva and build a nuclear power plant in Maharashtra. LIC plans to increase its stake in NMDC to 12%.
Stocks in Mumbai traded higher and extended one-week long rally as the central government announces a plan to accelerate the sell-off of stakes in public sector companies.
The government has set the target to raise ₹69,500 crore through the disinvestment in the current fiscal year, Disinvestment Secretary Aradhana Johri said.
Johri added the central government has no plan to sell Coal India stake at least for the next six months and ONGC stake sale is likely to be revived if oil price rebounds.
Rupee weakened 20 paisa 62.51 against one dollar.
The Sensex Index advanced 165.06 or 0.6% to close at 29,044.44. The CNX Nifty gained 53.65 or 0.6% to 8,834.
Retail price inflation as measured by consumer price index increase slowed to 5.17% in March from a year ago month after rising at 5.37% in February.
Food prices, which is half the total consumer basket, increase declined to 6.14% from 6.79% in February.
After the close, statistics office released consumer price index data.
Gainers & Losers
Info Edge (India) Limited
jumped 4% to ₹834.45 after the online advertisement company plans to invest ₹155 crore in Mumbai-based Zomato, online restaurant review and listing site.
Larsen & Toubro Limited
added 2.3% to ₹1,801.95 after the engineering infrastructure maker signed an agreement with Franch-based Areva for the building of 9,900 megawatt nuclear plant at Jaitapur in Maharashtra.
slid 0.2% to ₹135.35 after the largest iron ore producer said Life Insurance India plans to buy 7.98 crore shares or 2% additional stake in the company.
The Life Insurance India holds 10.12% stake worth ₹ 5,440 crore.
RPP Infra Projects Ltd
advanced 1.2% to ₹152.10 after the infrastructure developer secured a new order worth ₹46.33 crore from Hindustan Prefab.
The Escorts Ltd
gained 3.4% to ₹138.25 after the agri-machinery operator entered into a joint venture with Rajkot-based Amul Group for manufacturing specialty tractor.
Escorts had joined with Amul Industries in 2012.