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Market Update

Wireless Carriers in India Look to Consolidate, Sensex Falls

Author: Mukesh Buch
Last Update: 10:46 AM ET September 10 2015

6:00 PM Mumbai RCom plans to sign a spectrum sharing agreement with Reliance Jio.Bharti and Malaysia-based Axiata Group are looking to combining operations in Bangladesh.

Stocks in Mumbai traded turned lower and the rupee struggled to advance as investors focused on domestic corporate news.

Rupee weakened 3 paisa to 66.43 against one U.S. dollar.

The Sensex Index decreased 97.38 or 0.4% to close at 25,622.17. The CNX Nifty fell 30.50 or 0.4% to 7,788.10.

Gainers & Losers

Bal Pharma Limited jumped 4.3% to ₹70.50 after the pharmaceutical products maker plans to launch its over the counter product Eye Spa, in Bangalore.

Bharti Airtel Limited slipped 1.3% to ₹350.45 after the largest wireless services provider and Malaysia-based Axiata Group are in talks to explore the possibility of combining their operations in Bangladesh.

Dr. Reddy''s Laboratories Limited dropped 1.6% to ₹3,973.25 after the drug maker signed a multi-country supply and licensing agreement with Colorado-based PanTheryx Inc.

Indiabulls Housing Finance Limited increased 1.2% to ₹724.25 after the housing loan provider plans to raise up to ₹6,674 crore or $1 billion.

NTPC Limited decreased 1.4% to ₹119.20 after the power producer plans to buy 2,520 megawatt Raghunathpur thermal power plant from Damodar Valley Corp.

Piramal Enterprises Limited increased 1.5% to ₹866 after the drug maker is in talks to take control of Infrastructure Leasing & Financial Services in an all-stock deal.

Reliance Communications Limited jumped 4.3% to ₹64.85 after the company plans to sign a spectrum sharing agreement with Reliance Jio Infocomm.

Siemens Limited gained 1.3% to ₹1,248.30 after the Germany-based parent of the engineering company plans to invest 1 billion or ₹7,400 crore in India and add 4,000 jobs under ''Make in India'' program.

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