India Movers: Axis Bank, JSW, Reliance Communications

Mukesh Buch
18 Nov, 2010
New York City

Stock in Mumbai rose. AXIS Bank fell 2.7% after it agreed to acquire Enam Securities for nearly $400 million. JSW Steel soared 3.5% on $60 million expansion plan. Reliance Communications tumbled 4.8% as government panel highlighted irregularities in 2G spectrum.

[R]6:00 PM Mumbai – Stock in Mumbai rose. AXIS Bank fell 2.7% after it agreed to acquire Enam Securities for nearly $400 million. JSW Steel soared 3.5% on $60 million expansion plan. Reliance Communications tumbled 4.8% as government panel highlighted irregularities in 2G spectrum.[/R]

The BSE Sensex rose 0.33% or 65.50 to close at 19,930.64. The CNX Nifty on the National Stock Exchange gained 10.10 to close at 5,998.80.

Gainers & Losers

Axis Bank Limited fell 2.7% to Rs 1,426.90 after the bank acquired the investment banking and capital market business of privately-held Enam Securities in an all-stock deal valued at Rs 2,067 crore.

Bharat Petroleum Corporation Limited increased 2.1% to Rs 739.50 after the crude oil prices declined more than 2% on the New York Mercantile Exchange on November 17.

Dabur India Limited gained 2.8% to Rs 96.00 after the health care said its US-based wholly-owned unit Dermoviva Skin Essentials Inc will acquire the U.S. based Namaste Group for $100 million.

Essar Shipping Ports & Logistics Limited fell 1.3% to Rs 108.55 after the Baltic Dry Index that tracks ocean freight rate declined in London trading.

Hero Honda Motors Limited soared 5.4% to Rs 1,912.

HDFC Bank Limited fell 0.8% to Rs 2,349.80 after the retail & wholesale bank''s American depository receipt rose 1.49% to $180.94 on the New York Stock Exchange on November 17.

Hindalco Industries Limited surged 4.8% to Rs 222.35 after the aluminum and copper maker said its unit Novelis Inc plans to raise $4 billion to refinance the loans borrowed by Hindalco in 2007.

JSW Steel Limited soared 3.5% to Rs 1,276.45 after the iron and steel maker reports joint venture -- JSW Severfield Structures plans to invest around Rs 300 crore for expanding the capacity of its Vijayanagar unit.

Kingfisher Airlines Limited increased 2.3% to Rs 78.15 and the state-run oil marketing companies hiked jet fuel prices by 5.51%.

LGS Global Limited gained 5.4% to Rs 78.95 after the information technology company secured contract from Ariba.

Mahindra Satyam declined 3.1% to Rs 72.05 after consolidated net profit dropped 76.1% to Rs 23.30 crore.

Niraj Cement Structurals Ltd surged 5.1% to Rs 81.35 after the infrastructure and construction secured five orders for Rs 179.08 crore for strengthening of roads & bridges in Lucknow and Jagdalpur.

Provogue (India) Limited rose 0.4% to Rs 68.45 after the fashion apparel retailer said Triangle Real Estate India Fund is investing Rs 306 crore for a 35% stake in three special purpose vehicles formed by unit Prozone Enterprises.

Reliance Communications Limited tumbled 4.8% to Rs 153.90 after telecommunications, government panel highlighted irregularities in 2G spectrum allocation.

Sterlite Technologies Limited rose 0.6% to Rs 82.15 after the telecom product maker entered into a pact to form a joint venture company with China based Jiangsu Tongguang Communication Co to produce optical fibers.

Tube Investments of India Limited fell 0.4% to Rs 145.05 after the tubes, cold rolled steel strips maker said fire broke out in the company''s bicycle plant at Noida on November 17.

VA Tech Wabag Ltd rose 0.7% to Rs 1,660.70 after the engineering company secured an order worth around Rs 250 crore from Indian Oil Corporation to set up an effluent treatment plant at Paradip Refinery.