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Market Update

Sensex in India Rises 0.8%, IDBI May Sell Stake in Insurance Venture

Author: Sarla Buch
Last Update: 11:35 AM ET December 21 2015

6:00 PM Mumbai, India Sensex in Mumbai closed higher on a rebound in financial and infrastructure stocks. IDBI Bank plans to sell its 20% stake in life insurance joint venture with Federated Bank and Belgium-based Ageas. Jubilant Life Sciences won an approval to sell more stake to foreign investors.

Stocks on Dalal Street rose and investors looked for bargains in financial services and in infrastructure sector stocks.

Market indexes across Asia rebounded after a week of volatile trading but caution prevailed in Mumbai trading.

Rupee gained 4 paisa to ₹66.35 against one U.S. dollar.

The Sensex Index rose 216.68 or 0.8% to close at 25,735.90. The CNX Nifty increased 72.50 or 0.9% to 7,834.45.

Gainers & Losers

Diamond Power Infrastructure Limited advanced 2.9% to ₹45.20 after the infrastructure solutions provider received an order from Jaipur Vidyut Vitran Nigam.

Goodluck Steel Tubes Ltd. jumped 3.8% to ₹100 after the company won an approval for the fabrication and supply of steel bridge girders from the railway ministry.

IDBI Bank Limited gained 2.1% to ₹90.95 after the financial services provider plans to sell its 20% stake in life insurance joint venture, according to news reports.

Jubilant Life Sciences Limited gained 1.9% to ₹427.55 after the Reserve Bank allowed foreign investors to invest up to 45% in the generic drug maker.

MBL Infrastructures Limited increased 1.4% to ₹218.30 after the infrastructure developer secured a highway contract worth ₹414.75 crore from the Ministry of Road Transport & Highways, Madhya Pradesh.

Mindteck (India) Limited gained 2.3% to ₹161.70 after the software services provider signed a memorandum of understanding with Saudi Arabian company, Alafdaliyah Group to provide IT products and services.

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