6:00 PM Mumbai – Asian Paints to set up manufacturing unit in South India. ABG Shipyard is in discussions to sell stake in the company. Godrej agreed to increase its stake in Darling South Africa and Mozambique businesses to 90%. Steel Strips Wheels received an export order from Brazil.
Market indexes closed higher for the second day in cautious trading ahead of financial budget from the Central Government of India.
Annual budget is widely anticipated by investors and generally tinkers with spending plans and economic reforms and tax policy.
However, this year expectations are running high for the newly elected Modi government for far reaching reforms and aggressive steps to lower budget deficit.
Indian rupee fell 23 paisa to 61.96 against one dollar.
The Sensex Index increased 3.33 to close at 29,007.99. The CNX Nifty gained 5.15 to 8,767.25.
Gainers & Losers
Asian Paints Limited
gained 1.6% to ₹812.50 after the paint maker plans to set up a manufacturing plant and invest ₹2,300 crore in Karnataka and Andhra Pradesh.
ABG Shipyard Limited
soared 14.5% to ₹231.60 on media report that the company plans to raise capital through an offering.
Adani and Mahindra Group are in talks to acquire a stake in the company.
Godrej Consumer Products Ltd
rose 0.6% to ₹1,125.60 after the personal care products maker signed an agreement with Darling group to increase its stake in its South Africa and Mozambique businesses to 90%.
ITD Cementation India Limited
declined 5.8% to ₹639.50 after the construction company said net in the fourth-quarter surged more than twenty-fold to ₹54.02 crore.
Net sales soared 35.8% to ₹512.42.
Pennar Industries Limited
jumped 2.1% to ₹54.45 after the steel products maker and its subsidiaries won a contracts worth ₹150 crore.
PC Jeweller Limited
slipped 1.1% to ₹260.40 after the jewellery products maker said that the private equity firm Creador bought a minority stake for ₹135 crore or $21.7 million in the company.
Steel Strips Wheels Limited
climbed 5.4% to ₹347.50 after the steel wheel rims maker received an export order worth about €5.8 million from Renault Brazil.