Stocks in India Rebound; Reliance Up

Mayank Mehta
09 Apr, 2010
New York City

Stocks in Mumbai trading rebounded. Reliance Industries Ltd discovered additional gas reserves at four locations and after the close reported an agreement to take a stake in Atlas Energy based in the U.S. Shree Ganesh Jewellery House Ltd plunged 37% from the initial public offering price.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai trading rebounded. Reliance Industries Ltd discovered additional gas reserves at four locations and after the close reported an agreement to take a stake in Atlas Energy based in the U.S. Shree Ganesh Jewellery House Ltd plunged 37% from the initial public offering price.[/R]

The Sensex index in India increased 218.74 or 1.23% to 17,933.14 and CNX Nifty index rose 57.30 or 1.08% to 5,361.75. Among the Sensex 30 stocks, 22 rose and 8 fell.

On BSE trading, 1,900 stocks advanced, 998 declined and 103 were unchanged. Auto, capital goods, banks and consumer durables stocks led today’s rebound.

Reliance Industries closed higher and after the market closed the company said it took 40% stake in natural gas field operator Atlas Energy Inc based in Pennsylvania, U.S.

Media reports also suggested that the company has found more natural gas in the area KG-D6 and informed the Director General of Hydrocarbons of the commercial viability. The company may invest as much as $1.8 billion to develop and extract natural gas fields.

Shree Ganesh Jewellery House Ltd the Kolkata based gold jewelry maker plunged 36.7% to Rs 164.55 from its initial public offer price of Rs 260. Shree Ganesh raised Rs 316 crore or $71 million and Credit Suisse PE Asia Investments (Mauritius) Ltd sold 2.2 million shares in the offering to cut its stake to 5.27%.

Rupee edged higher 2 paisa to 44.43 against one dollar.

Gainers & Losers

Aurobindo Pharma Limited added 0.3% to Rs 952.10 after the company received a U.S. regulatory approval for a generic drug.

BGR Energy Systems Limited rose 0.8% to Rs 545.00 after the company''s chief told a television channel today that the firm has a current order book of Rs 10,150 crore.

EIH Limited rose 1.8% to Rs 131.95 after the hotel operator will add 700 rooms under its Oberoi brand by 2013 to its Indian and overseas operations, a senior official said on Thursday.

Gabriel India Limited rose 3.5% to Rs 41.45 after the company said one of the promoter group companies hiked stake in the firm.

Infosys Technologies Limited rose 1.2% to Rs 2,690.00 on the rumors of special one time dividend by the company.

Jaiprakash Associates Limited rose 2.4% to Rs 151.75 after the company sees revenue of Rs 545 crore from a township project launched in the National Capital Region.

Jet Airways (India) Limited rose 1.5% to Rs 488.00 after the company expects average fares to rise 10% and 15% in first quarter ending June compared to the quarter ending in March.

Ontrack Systems Limited surged 19.9% to Rs 12.08 after the company said its board will meet on April 12 to consider raising funds to finance future growth.

Shakti Pumps (India) Limited gained 5.7% to Rs 186.00 after the company said it had received an order for Rs.706.30 crore from Maharashtra Electricity Distribution Co. Ltd., for supply of 3,530 energy efficient pumps for an agriculture pilot project in Sholapur.

Spanco Telesystems and Solutions Limited advanced 5.4% to Rs 91.90 after the company secured a project of Rs 284 crore from Punjab State Electricity Board for implementing IT infrastructure.

Tata Motors Limited rose 1.6% to Rs 806.00 after the company''s UK based unit, Land Rover, reported its best ever monthly sales in the UK market, with sales rising 67% to 11,300 units a year ago.

Tata Tea Limited rose 2.8% to Rs 1,000.05 after the company announced a preliminary agreement with global beverage major PepsiCo for exploring a joint venture in the non-carbonated beverage business.

Tube Investments of India Limited climbed 3.4% to Rs 85.40 after the company acquired 1.75 crore shares in Cholamandalam DBS Finance from DBS Bank, Singapore.