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Market Update

UltraTech to Buy Cement Plants from Jaiprakash Associates


Author: Mukesh Buch
ticker.com
Last Update: 10:09 AM ET December 24 2014

6:00 PM Mumbai –IOCL plans to invest Rs 6,800 crore to expand its Gujarat refinery unit. Neyveli Lignite plans to import coal worth Rs 14,375 crore for power project in UP. UltraTech Cement agreed to buy two cement plants worth Rs 5,400 crore from Jaiprakash Associates.

Stocks in Mumbai closed lower following weakness in Asian markets and in thin trading.

Indian rupee gained 3 paisa to close at 63.28 against one dollar.

The Sensex Index declined 297.85 or 1.1% to close at 27,208.61. The CNX Nifty decreased 92.90 or 1.1% to 8,174.10.

Gainers & Losers

3i Infotech Limited climbed 6.9% to Rs 8.20 after the software solution provider signed an agreement to sell its Western Europe units to Europe-based Objectway.

Bharati Shipyard Limited surged 11.6% to Rs 37.45 after the ship maker plans to raise fund up to Rs 634 crore from foreign investors.

Indian Oil Corporation Limited declined 2.4% to Rs 327.15 after the petroleum products maker plans to invest Rs 6,800 crore for expansion and improve fuel quality at its Gujarat refinery unit.

Manappuram Finance Limited advanced 1.4% to Rs 32.90 after the financial service provider agreed to acquire 70% stake in Chennai-based Asirvad Micro Finance.

Neyveli Lignite Corporation Limited gained 1% to Rs 80.55 after the power generation company plans to import coal worth Rs 14,375 crore for power project in Uttar Pradesh.

Nirlon Limited slipped 1.4% to Rs 190.25 after the real estate developer said Singapore-based sovereign wealth fund GIC agreed to acquire 39% stake worth $197 million in the company.

TVS Srichakra Limited dropped 1.3% to Rs 1,575 after the tire maker reported Sundaram Trust sold its 0.65% stake in the company.

UltraTech Cement Limited jumped 3.4% to Rs 2,625.70 after the cement maker agreed to buy two cement plants worth Rs 5,400 crore or $851 million from Jaiprakash Associates in Madhya Pradesh.

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