Ruchi Soya Industries gained 3 percent after the company announced a joint venture with DJ Hendrick International Inc (DJHII), a Canadian soyabean research corporation and KMDI International, a Japanese trader and marketer of high quality food grade Soyabeans.

“Ruchi Soya will hold majority stake of 55 percent in the joint venture whereas DJ Hendrick International Inc and KMDI International will hold 35 percent and 10 percent, respectively,” the company said in its filing. The company will invest Rs 18 crore in R&D JV over three years.

Sharemarket of Spice Jet jumped 2 percent as it announced discounts in airfare. The Kalanithi Maran promoted low cost carrier has slashed air fares upto 75 percent over next three days, for bookings made during February 24-26. Part of the “Super Summer Sale???, this offer is valid for travel between April 1 and June 30, 2014. Speaking to CNBC-TV18, SL Narayanan, Group CFO, Sun Group said that the objective of discounted fares is to improve load factor and the sale is driven by market intelligence.

Shares of JSW Steel climbed over a percent on Monday after the company said it would acquire up to 50 percent stake in Vallabh Tinplate. “JSW Steel, which has an installed capacity of 14.3 million tonnes, has a strategic goal to enhance its share of value added products segment in the overall product basket to about 40 percent. In line with this objective, JSW Steel wishes to invest in Tinplate business,” the company said in its filing.

The market consolidates after seeing 1.6 percent rally on the Sensex last week. The Nifty hovers around 6150 level ahead of expiry of February derivative contracts on Wednesday. Vibhav Kapoor of IL&FS expects the market to be rangebound till elections, but it may head to 6,400 before elections. The Sensex slipped 23.67 points to 20,677.08 and the Nifty declined 11.10 points to 6,144.35. About 860 shares have advanced, 691 shares declined, and 84 shares are unchanged. NTPC crashed 11 percent and is the most active stock on the National Stock Exchange. The company said target availability has been cut to 83 percent from 85 percent for fixed cost recovery.