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Market Update

Sensex in India Jumps; Adani, Essar in Talks to Merge Power Transmission

Author: Mukesh Buch
Last Update: 8:36 AM ET June 17 2015

6:00 PM Mumbai – Central government is expected to hike import duty on steel products. Essar Power Transmission is in merger talks with Adani. TCS and IBM are in a race to win Sweden-based AB Volvo''s IT outsourcing contract worth about $500 million.

Stocks on Dalal Street traded higher and the 10-year government bond yield increased to 7.92% from 7.88%.

The government has decided to increase import duty on long steel products to 7.5% from 5.5%, while on flat steel products to 10% from 7.5%, the CNBC TV 18 reported.

The steel stocks jumped after the announcement.

Steel Authority of India Ltd rose 1.83% to ₹61.15, JSW Steel Ltd jumped 3.30% to ₹867.05 and Jindal Steel and Power Ltd added 0.89% to ₹96.05.

Rupee strengthens 12 paisa to 64.12 against one U.S. dollar.

The Sensex Index advanced 146.15 or 0.6% to close at 26,686.51. The CNX Nifty rose 44.25 or 0.6% to 8,091.55.

Gainers & Losers

Adani Enterprises Limited advanced 2.3% to ₹99.25 after the oil and gas explorer said the company is in talks to acquire Essar Power Transmission.

The deal is expected to be valued ₹1,800 crore, the Economic Times reported.

AurionPro Solutions Limited jumped 4% to ₹178.60 after the software services provider signed strategic agreement with U.S.-based ForgeRock to strengthen enterprise security practice.

GP Petroleums Limited rose 1% to ₹35.10 after the lubricant oil maker formed a strategic partnership with Spain-based petroleum company Repsol and launch lubricant range in India.

PTC India Financial Services Limited increased 1.8% to ₹42 after the financial services provider plans to raise up to ₹150 crore through a non-convertible debenture offering.

Ramky Infrastructure Limited surged 20.1% to ₹35.75 after the infrastructure developer is said to be in “active discussions” with buyers to sell four of its road assets for about ₹1,000 crore.

The company is also planning to sell a 1,200 acre land parcel in Hyderabad.

Tata Consultancy Services Limited closed unchanged at 2,512 after the Economic Times said the TCS and International Business Machines are in a race to win Sweden-based AB Volvo''s IT outsourcing contract, worth about $500 million

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