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Market Update

Trade Deficit in India Narrows, Essar to Sell Stake to Rosneft

Author: Mukesh Buch
Last Update: 11:00 AM ET June 16 2015

6:00 PM Mumbai Imports declined more than exports in May month in India. BPCL said the central government plans to sell 3% stake in the company. Essar Oil plans to sell majority stake to Russia-basedOAO Rosneft. RComm plans to acquire Russia-based Sistema''s Indian mobile phone unit.

Stocks in Mumbai gained after value buyers continued to increase exposure and rupee drifted lower for the third week in a row.

The trade deficit in May narrowed to $10.41 billion compared to $10.99 billion in April and from $11.23 billion in the month a year ago.

Export in May decline 20.2% to $22.34 billion and import dropped 16.5% to $32.75 billion in the same period a year ago, the Ministry of Commerce & Industry reported.

Rupee fell 9 paisa to 64.25 against one U.S. dollar.

The Sensex Index increased 99.96 or 0.4% to close at 26,686.51. The CNX Nifty gained 33.40 or 0.4% to 8,047.30.

Gainers & Losers

Adani Enterprises Limited declined 4.7% to ₹95.75 after the Adani Group signed an agreement with the Rajasthan government to set up a 10,000 megawatt solar park.

Bharat Petroleum Corporation Limited slipped 2.2% to ₹815.50 after the oil and gas explorer said government plans to sell 3% stake in the company and raise up to ₹1,800 crore.

Essar Oil Limited declined 2.1% to ₹143.45 after the oil and gas explorer plans to sell majority stake to Russia-based OAO Rosneft.

HCL Infosystems Limited jumped 5.3% to ₹33.65 after the software developer agreed to a strategic distribution partnership with Dell India.

Kotak Mahindra Bank Limited edged up 0.1% to ₹1,290.90 after the largest private bank received an approvals from the Foreign Investment Promotion Board to increase foreign investment limit in the bank to 55% from 48%.

Mahindra & Mahindra Ltd rose 0.7% to ₹1,229 after the tractor maker received a multi-million dollar aerospace contract from Germany-based Airbus Group controlled company, Premium Aerotec.

PI Industries Limited climbed 3.8% to ₹634.25 after the agrochemical products maker said U.S.-based Cartica Capital acquired 3.88% stake in the company for about ₹320 crore.

Reliance Communications Limited fell 1.4% to ₹58 after the telecommunication services provider said it is in talks to acquire Russia-based Sistema''s Indian mobile phone unit.

Suven Life Sciences Limited added 1.1% to ₹245.55 after the drug maker secured three product patents in Israel, Macau and the USA for the treatment of disorders associated with neurodegenerative diseases

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