weight on the index, declined 2% after selling the stock for the second time this month to fund its bid for LyondellBasell Industries, its biggest acquisition attempt.
NTPC, the nation’s biggest power producer, gained after an official said it may sell shares in the first week of February. The Sensex lost 13.58, or 0.1%, to 17,526.71. The S&P CNX Nifty Index on NSE gained 0.1% to 5,249.40. The BSE 200 Index advanced 0.3% to 2,220.52.
RIL declined 2% to Rs 1,081.5. India’s most valuable company raised Rs 3,470 crore selling shares today to raise funds for Netherlands-based LyondellBasell, according to a company official. RIL accounts for 13% of the Sensex.
The government plans to sell shares in NTPC, Rural Electrification Corp, NMDC and Satluj Jal Vidyut Nigam before the end of March, according to an official with direct knowledge of the sale process.
NTPC, the nation’s biggest power producer, gained 0.8% to Rs 232.95. NTPC’s sale may start in the first week of February, while Rural Electrification is likely in the past week of next month, the official who didn’t want to be named, said in New Delhi on January 9.
NMDC, India’s biggest iron-ore producer, soared 3.4% to Rs 433.6. Rural Electrification, a state-owned lender to power projects in the nation’s villages, jumped 5.2% to Rs 252.9. SBI lost 0.8% to Rs 2,267.2 after its chairman OP Bhatt said Indian banks’ profit and interest margins are “under strain”. ICICI Bank lost 0.5% to Rs 869.4.
HDFC Bank, the No. 3, slid 0.4% to Rs 1,708.15. Credit growth this year has been less than half of last year’s,
Mr Bhatt said at a banking conference in Mumbai on Monday.
source-http://economictimes.indiatimes.com
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