6:00 PM Mumbai – Sensex in Mumbai extended rally to the fourth day on the back of a surge in pharmaceutical stocks and a rise in Coal India. ABB India secured a contract worth ₹90 crore from Kolkatta-based Techno Electric and Engineering Co. Videocon d2h listed its stock on the Nasdaq and raised $325 million.
Stocks in Mumbai surged for the fourth day in a row and cyclical stocks led the gainers.
Coal India soared after the central government removed the upper limit of e-auction for the sale of coal.
Separately, the Union Cabinet also amended bill for the real estate to monitor and prevent the flow of illegal funds and the use of cash for the purchase of properties.
Rupee slid 1 paisa 62.24 against one dollar.
The Sensex Index jumped 119.16 or 0.7% to close at 28,707.75. The CNX Nifty added 54.10 or 0.6% to 8,714.40.
Drug sector stocks also gained after the National Pharmaceutical Pricing Authority permitted the price increase of as much as 3.8% on 509 drugs.
The prices were approved for the sale from April 1.
Gainers & Losers
ABB India Limited
advanced 2.7% to ₹1,383.35 after the power and automation equipment maker secured a contract worth ₹90 crore for switchgears, transformers from Kolkatta-based Techno Electric and Engineering Co.
rose 1% to ₹834 after the largest tyres maker plans to raise ₹200 crore to ₹300 crore and selected Kotak Investment Banking to arrange the deal.
Glenmark Pharmaceuticals Ltd
climbed 4.7% to ₹884 after the pharmaceutical products maker said that the financial regulator lifted the foreign investor limit to 49% from 35.07% through an offering of ₹2,022 crore.
Dr.Reddy''s Laboratories Ltd
advanced 2.1% to ₹3,755.85 after the pharmaceutical company’s subsidiary filed three new drug applications with the U.S. Food and Drug Administration.
The three new drugs are targeted to treat psoriasis, rosacea and migraine.
The Hyderabad-based drug developer’s subsidiary, Promius Pharma LLC, is focused on developing treatment for therapies for dermatology and neurology.
jumped 2.8% to ₹34.80 after the financial services provider said that the central government increased its stake in the company to 51.04% from 47.93% earlier.
Videocon Industries Limited
climbed 3.3% to ₹160.80 after the home appliances maker’s subsidiary Videocon d2h began trading on the U.S. based Nasdaq trading system and raised $325 million.
The American Depository Receipt of Videocon d2h closed at $11.74, down 3% from the opening price in New York.
According to the prospectus, Videocon d2h agreed to sell nearly 33% stake in the company for $325 million or ₹1,950 crore to Silver Eagle promoted by former executive of MGM.
The satellite pay TV channels operator controls nearly 16% of the India’s direct-to-home market with 11.8 million or 1.18 crore subscribers. The company was launched in 2009 and offers several packages from its 500 digital television channels.
The company had previously planned to raised ₹700 crore or $115 million through a listing on the Bombay Stock Exchange.
At the end of fiscal year in March 2014, the company had revenues of ₹1,760.80 crore and a net loss of ₹469.30 crore.