Rupee Retains Momentum; IRB Infra Offering

Chandrasekhar Atreya
28 Sep, 2010
New York City

Indian stocks dropped marginally. SCI signs contract with China based company fo four bulk carriers. IMF will conduct mandatory checks of India

[R]5:00 PM Mumbai – Indian stocks dropped marginally on profit booking. SCI signs contract with China based company four bulk carriers. IMF will conduct mandatory checks of India’s financial sector to avoid a repeat of the recent global financial crisis. Mumbai based education group to open $45 million education center in Australia.[/R]

Stocks in Mumbai trading closed lower but rebounded from the losses of as much as 0.5% in the Sensex index in the afternoon. The index has surged 11.9% in the month.

The BSE Sensex lost 0.06% or 12.52 to close at 20,104.86 and rupee closed at 45.02 against one dollar.

IRB Infrastructure Developers will raise Rs 750 crore of debt next month from a consortium of three financiers led by Infrastructure Development Finance Co to finance its Tumkur-Chitradurga road project in Karnataka.

SP Jain Center of Management is likely to open its campus at Sydney Olympic Park in 2012, according to AAP report and invest $45 million.

According to the El Nino southern oscillation bulletin issued by United State’s National Oceanic and Atmospheric Administration, La Nina is expected to last at least through the northern hemisphere winter 2010. This could result in above-normal precipitation in India this winter, especially the north-east monsoon affecting mostly the southern peninsula.

Shipping Corporation of India said Monday it signed a contract for acquisition of four Kamsarmax Bulk Carriers of about 80,000 DWT each, with Jiangsu Eastern Heavy Industries.

“The company has signed the contract for acquisition of four Kamsarmax Bulk Carriers of about 80,000 DWT each, with Jiangsu Eastern Heavy Industries Co Ltd on September 25, 2010,” SCI said in its regulatory filings.

The International Monetary Fund said Monday it will conduct mandatory check ups of the financial sector of 25 systemically-important countries, including India, in its effort to prevent a repeat of the global financial crisis.

Until now, IMF financial sector evaluations have been voluntary.

Foreign investors are likely to fund up to 30% of India’s $18 billion road projects in the current fiscal year, a top official at the National Highways Authority of India said on Monday.

Gainers & Losers

Aqua Logistics Limited soared 4.2% to Rs 629.85 after the logistics service provider won multiple orders of about Rs 110 crore.

AstraZeneca Pharma India Limited declined 2.2% to Rs 1,089.00 after the pharmaceutical firm reported shareholders rejected a plan by its foreign parent to delist the company.

ARSS Infrastructure Projects Limited fell 1.5% to Rs 1,281.15 after the construction company secured a new order worth Rs 23.75 crore from Rajasthan State Road Development & Construction Corporation, Jaipur.

Binani Cement Limited increased 2.4% to Rs. 82.50 after the cement maker reported cement prices are set to rise around Rs 20 per 50 kilogram bag from October 1, in Gujarat as the end of monsoon rain is reviving construction activity.

GEI Industrial Systems Ltd gained 2.1% to Rs 185.00 after the air cooled heat exchange maker secured orders worth Rs 135 crore for supplying 11 air-cooled vacuum steam condensers for different plant capacities in the power sector.

Hindustan Copper Limited rose 0.7% to Rs 444.00 after the refined copper maker reported the state-run firm has filed its draft prospectus with Securities and Exchange Board of India for a follow-on public offering.

Mahindra & Mahindra Limited increased 2.5% to Rs 711.80 after the diversified company plans to raise prices of its vehicles by Rs 3,000 to 8,000 from October 1.

Man Infraconstruction Limited rose 0.8% to Rs 364.70 after the company secured three orders from three different players.

Mangalam Cement Ltd surged 5% to Rs 161.80 after the cement maker said it will offer 1 share of the company for every 10 held in Mangalam Timber Products for the proposed merger.

Mercator Lines Ltd spurted 4.6% to Rs 57.95 after the shipping related firm said board will meet on September 30 to consider fund-raising via equity or warrants convertible into equity on preferential basis to founders and others.

Manappuram General Finance and Leasing Limited gained 2% to Rs 143.00 after the non-banking company said board will meet on October 4 to consider raising up to Rs 1,000 crore.

National Housing Bank recorded 19% jump in net profit at Rs 288 crore for the year ended June 2010 said Monday it plans to raise Rs 9,000 crore from the market this fiscal.

“The bank recorded the highest net profit and operating profit has also increased by 25% at Rs 444 crore during the financial year July 2009 to June 2010, NHB Chairman and Managing Director R.V. Verma told reporters in New Delhi.

Navin Fluorine International Limited declined 2.3% to Rs 316.10 on profit booking after the stock rose 11.02% in a single trading session on September 27.

PSL Limited increased 2.5% to Rs 118.75 after the spiral weld pipe maker won orders worth Rs 565 crore.

Reliance Communications Limited rose 0.4% to Rs 170.30 ahead of the company''s annual general meeting to be held September 28.

Rashtriya Chemicals and Fertilizers Limited fell 0.3% to Rs 82.15 after the chemical manufacturer reported a committee set up by the government has suggested freeing the prices of urea and inclusion of the fertilizer in the new nutrient-based subsidy regime.

Spicejet Limited increased 3.1% to Rs 77.90 after the airline said it plans to double its current 22-plane fleet by the end of 2013.

Subex Limited increased 2.2% to Rs 53.40 after the telecom software provider secured an export order for one of its software products for an undisclosed sum.

Sintex Industries Limited soared 4.2% to Rs 384.35 after the plastics and textile maker fixed October 28 as the record date for a 2-for-1 stock split.

Venus Remedies Limited surged 4.1% to Rs 318.00 after the pharmaceutical firm received license from the Thai government for supply of anti-cancer drug Docetaxel.

Vascon Engineers gained 3% to Rs 171.05 after the construction company signed an agreement with Bhalakh Realtors to develop a 105 acre township at Oragadam, a suburb of Chennai.