India Movers: Alembic, Adani, Biocon and ING Vysya

Mukesh Buch
19 Oct, 2010
New York City

Larsen & Toubro and Bajaj Auto reported sharply higher earnings. Adani Enterprises is looking to invest $6.9 billion in Australia projects. Biocon gained after it finalized an agreement with Pfizer to sell its insulin products. ING Vysya Bank Limited said quarterly net soared 40%.

[R]5:00 PM Mumbai –Larsen & Toubro and Bajaj Auto reported sharply higher earnings. Adani Enterprises is looking to invest $6.9 billion in Australia projects. Biocon gained after it finalized an agreement with Pfizer to sell its insulin products. ING Vysya Bank Limited said quarterly net soared 40%.[/R]

Stocks in Mumbai declined for the fourth day in a row as Coal India public offering was fully subscribed on the first day and State Bank of India bond offering was oversubscribed 17 times. Indian Oil is preparing raise as much as Rs 19,000 crore.

The BSE Sensex dropped 0.92% or 185.76 and close at 19,983.13 and the CNX Nifty on the National Stock Exchange fell by 48.65 to close at 6,027.30.

The rupee fell 87 paisa to close at 44.29 to a U.S. dollar.

Adani Enterprises will invest $6.9 billion in developing its recently acquired Australian coal mines, the company said Monday.

“Adani is committed to invest $6.9 billion (about Rs 35,000 crore) in Australia for developing mine, rail and port project in its Galilee Basin coal mine in Queensland, Australia to produce up to 60 million tons of coal a year at its peak,” it said in a statement.

Alembic Limited gained 2.9% to Rs 68.50 after second quarter consolidated net profit soared 63.81% to Rs 21.77 crore.

Acrysil Limited fell 4.5% to Rs 136.60 after the plastic and kitchenware maker said second quarter net profit fell 11.1% to Rs 1.44 crore.

Biocon Limited surged 12.9% to Rs 455.00 after the biopharmaceutical company entered into $350 million strategic alliance with the U.S. based Pfizer for marketing its insulin products.

Bharat Forge Limited rose 0.4% to Rs 370.00 after the forging and trading company is aiming to get into coal mining and power generation business.

Bajaj Auto Ltd. fell 0.6% to Rs 1,512.55 after the two and three-wheeler vehicle maker reported second quarter net profit surged 69% to Rs 682 crore.

Camlin Limited declined 5.5% to Rs 46.70 after the stationery maker reported second quarter net profit fell 12.7% to Rs 0.89 crore.

CRISIL Limited fell 0.01% to Rs 6,117.40 after the rating company reported consolidated net profit surged 75.31% to Rs 75.43 crore.

Greaves Cotton Limited increased 1.5% to Rs 465.15 after the diversified engineering company said first quarter net profit surged 51.76% to Rs 36.27 crore.

Hi-Tech Gears Limited soared 11% to Rs 267.40 after the gears and transmission component maker said board of directors will meet on October 27 to consider issue of bonus shares.

ING Vysya Bank Limited gained 9.4% to Rs 418.35 after the bank said second quarter net profit surged 40.75% to Rs 75.26 crore.

Indian Oil Corporation Limited fell 0.5% to Rs 403.35 after the oil company is planning a follow-on offering to raise about Rs 19,000 crore, the largest offering in India.

IndusInd Bank Ltd. rose 1.4% to Rs 265.10 after the private sector bank entered into a tie-up with Moscow-based commercial bank JCB Unistream for remittances services between India and Russia.

Larsen & Toubro Limited fell 0.9% to Rs 1,994.05 after the engineering & construction firm secured an order worth Rs 1,449 crore from DB Power for balance of plant package.

Mangalore Chemicals & Fertilizers Limited surged 15.5% to Rs 40.05 after the fertilizer company said second quarter net profit soared 126.98% to Rs 33.82 crore.

Nitin Fire Protection Industries Limited gained 1.1% to Rs 316.20 after the fire fighting equipment maker fixed November 8 as the record date for a 5-for-1 stock split.

NATCO Pharma Limited decreased 1.4% to Rs 277.70 after Celgene Corporation filed a lawsuit in the US against its application to the US Food & Drug Administration to sell a generic version of its blood cancer drug Revlimid.

S.E. Investments Ltd gained 4.9% to Rs 49.50 after the finance and non-conventional energy provider fixed November 1 as the record date for a 2-for-1 stock split.

Sesa Goa Limited declined 3.6% to Rs 358.80 after the metals and mining company said second quarter consolidated net profit surged 131.25% to Rs 384.94 crore.

Sterlite Industries (India) Limited fell 0.03% to Rs 176.50 after the Supreme Court on October 18 extended a stay on a lower court order asking Sterlite Industries to close its copper smelter in south India.

VTM Limited soared 20% to Rs 171.00 after the textile company reported net profit surged 790.4% to Rs 4.63 crore.

Zee Entertainment Enterprises Limited gained 1.6% to Rs 278.65 after the chief executive officer Punit Goenka said the company has sought permission to launch either six or seven new channels.