India

Chandrasekhar Atreya
13 Sep, 2010
New York City

Stocks in Mumbai gained for a fifth day and surged more than 20% since late May. The sharp gain in industrial production and improving sentiment in Asian trading also contributed to the sentiment. PowerGrid scheduled its $3.5 billion IPO in November.

[R]5:00 PM Mumbai – Stocks in Mumbai gained for a fifth day and surged more than 20% since late May. The sharp gain in industrial production and improving sentiment in Asian trading also contributed to the sentiment. PowerGrid scheduled its $3.5 billion IPO in November.[/R]

Stocks in Mumbai surged after the sharp increase in industrial production and tracking rally in Asian markets. The Sensex index surged more than 2% and closed at the high last seen 32 months ago. Since May 25, the index has added more than 20%.

PowerGrid Corporation’s next public offering of Rs 8,000 crore is set to enter the market in the second week of November, the second large issue after the record IPO of Rs 14,000 crore by Coal India.

Reliance Industries Monday announced the completion of its deal to acquire a 60% stake in the Marcellus Shale gas asset in the United States for $392 million.

Mineral giant NDMC will invite bids for its prized possession—34.37 carat diamond—the record large diamond from its Panna mines in Madhya Pradesh that it expects to fetch as much as Rs 5 crore. Along with this pear-shaped white good quality diamond, NMDC plans to invite tenders for about 40 other diamonds each between 5 carats and 30 carats.

The Indian subsidiary of rail infrastructure maker Alstom said it received a contract of about Rs 1,470 crore to supply 168 rail cars to the Chennai Metro Rail Ltd. According to the company, first deliveries of the trains are expected by the end of 2012.

Noida-based solar power equipment manufacturer Indosolar Ltd’s Rs 357 crore initial share sale offering will open tomorrow with the price range of Rs 29 to Rs 32 per share.

Business at the seven-year-old commodity futures market is expected to grow 30% to over Rs 9,000,000 crore this year aided by increased demand for gold and silver, according to Commodity Participant Association of India.

Soybean meal exports may jump as much as 38% from India next year as above normal monsoon rains boosts crop prospects and demand increases in importing nations.

Shipments including sales to Bangladesh, Pakistan and Sri Lanka may jump to as much as 4 million tons in the year starting October from 2.9 million this year, said Rajesh Agrawal, a coordinator for the Soybean Association of India, in a telephonic interview Monday from Indore in Central India.

Gujarat NRE Coke Ltd plans to sell as much as $100 million in securities, including foreign currency bonds, according to a statement filed today on the NSE.

Gainers & Losers

Brahmaputra Infraproject Limited spurted 19.9% to Rs 138.70 after the company secured an order worth Rs 88.50 crore from Meghalaya Infratech for construction of a hotel in Guwahati.

Balaji Telefilms Limited gained 3.4% to Rs 56.70 after the television content service tax department dropped the demand of Rs 63.50 crore against the company for non-payment past of service tax.

Coromandel International Limited increased 3.9% to Rs 652.00 after the fertilizers, pesticides and specialty nutrients entered into a license agreement with Shell Research, an affiliate of Royal Dutch Shell Plc, for manufacturing sulphur-enhanced fertilizers.

Crompton Greaves Limited rose 1.5% to Rs 309.75 after the electrical products maker entered in to an agreement with Spain based ZIV Aplicaciones y Tecnologia for establishing a joint venture company in India for making substation automation systems.

Gujarat NRE Coke Limited rose 2.2% to Rs 64.75 after the coking coal and metcoke board approved issue of securities including foreign currency convertible bonds for an amount not exceeding $100 million or Rs 500 crore.

Gujarat State Petronet Limited declined 3.2% to Rs 111.90 after the natural gas distributor turned ex-dividend today for dividend at Rs 1 per share of the year ended March.

HCL Infosystems Limited gained 4.5% to Rs 131.15 after the computer hardware maker secured an order worth Rs 100 crore from the Himachal Pradesh State Electricity Board under the Re-structured Accelerated Power Development and Reform Program.

IFGL Refractories Limited surged 15.8% to Rs 59.65 after the specialized refractories for steel industry makers US unit acquired 100% stake in two for $13 million, free of long term debts.

Infrastructure Development Finance Company Limited rose 1.1% to Rs 191.10 after the board of directors of the company approved raising up to Rs 3,400 crore via issue of long term infrastructure bonds.

Oil and Natural Gas Corporation Limited rose 1.5% to Rs 1,375.90 after crude oil prices surged nearly 3% on the New York Mercantile Exchange, on Friday.

Oil Secretary S. Sundareshan said on September 11, that ONGC will make a joint bid with Petrovietnam for BP''s Vietnam assets after completing evaluation in the next few weeks.

Steel Strips Wheels Limited gained 3.2% to Rs 271.25 after the automotive wheel rims maker increasing the capacity of its Chennai plant by four millions wheels by March 2011 at a total cost of Rs 60 crore.

State Bank of India soared 5.5% to Rs 3,147.25 after the international guidelines now known as Basel III were not as harsh as some had expected.

Vishal Retail Limited soared 6.6% to Rs 54.25 after the board approved sale of its retail business to Shriram Group.