India Movers: BGR Energy, GMR, Ranbaxy and Videocon

Mukesh Buch
29 Nov, 2010
New York City

Stock in Mumbai gained. BGR Energy surged 21% after management clarified its position on bank loan scam investigation. The Shipping Corporation of India set the price range for its secondary offering. GMR agreed to sell U.S. based InterGen for $1.23 billion.

[R]6:00 PM Mumbai – Stock in Mumbai gained. BGR Energy surged 21% after management clarified its position on bank loan scam investigation. The Shipping Corporation of India set the price range for its secondary offering. GMR agreed to sell U.S. based InterGen for $1.23 billion.[/R]

The BSE Sensex gained 1.4% or 268.49 to close at 19,405.10. The CNX Nifty on the National Stock Exchange increased 78.05 to close at 5,830.00.

Gainers & Losers

Aurobindo Pharma Limited increased 1.7% to Rs 1,250.00 after the pharmaceutical company working on yet another deal with Pfizer Inc.

Bharat Petroleum Corporation Limited gained 1.8% to Rs 680.45 after the petroleum industry consortium announced a major natural gas discovery in Mozambique.

BGR Energy Systems Limited surged 21% to Rs 690.60 after the engineering construction company''s management in a conference call on November 26, clarified its position on the recent bank loan scam being investigated by the Central Bureau of Investigation.

Bharat Heavy Electricals Limited gained 2.6% to Rs 2,155.15 after the energy infrastructure reports company may offer minority equity stake to third technology partner in its proposed joint venture with Steel Authority of India to manufacture high-grade steel.

Bhushan Steel Limited increased 2.7% to Rs 436.40 after the steel product maker reports a deal with Japan''s Sumitomo Metal Industries to develop a six-million tonnes steel unit in West Bengal has run into rough weather.

Bajaj Hindusthan Ltd. advanced 4.8% to Rs 104.70 after the sugar, distillery and power maker reports Bombay High Court approved the merger of Bajaj Hindusthan Sugar & Industries with Bajaj Hindusthan.

CEAT Limited soared 7.3% to Rs 138.85 after the tyre maker reports the company has acquired global rights of Italy-based tyre maker Pirelli.

Gujarat NRE Coke Limited gained 3.8% to Rs 54.15 after the coking coal and metcoke maker''s Australian unit reported turnaround results for the half-year ended September.

GMR Infrastructure Limited surged 5.2% to Rs 46.00 after the holding company said the GMR Group has agreed to divest its entire 50% stake in US-based power utility InterGen to China Huaneng Group for $1.23 billion, to focus more on attractive Indian market.

Housing Development Finance Corporation Limited rose 1.3% to Rs 693.65 after the housing finance reports the company will make a big-bang entry into education sector.

Halonix Limited (formerly Phoenix Lamps) soared 4.9% to Rs 117.45 automotive lamp maker reports Philips India is leading the race to acquire a controlling stake in Halonix from private equity fund Actis for around Rs 300 crore.

Nitesh Estates Ltd. tumbled 5% to Rs 30.40 after the real estate developer reports ITC Hotels may pick up 60% stake in joint venture for building a luxury hotel and residences project in Kochi, Kerela.

Ranbaxy Laboratories Limited gained 3.8% to Rs 565.75 after the pharmaceutical reports the company got approval from the US Food and Drug Administration for exclusively selling the generic version of Aricept, an Alzheimer''s drug.

Ramco Systems Limited fell 0.8% to Rs 111.00 after the software company’s Canadian unit Ramco Canada won an order for its aviation suite from Aveo, a global provider of MRO services to the aviation industry.

Sun TV Network Limited rose 0.6% to Rs 492.65 after the satellite broadcasting company said it will expand its advertiser and subscriber focus in the North American markets.

The Shipping Corporation of India Limited fell 0.2% to Rs 145.10 after the government fixed a price band of Rs 135-140 per share for the company''s follow-on public offer.

Videocon Industries Limited rose 0.4% to Rs 217.40 after the oil and gas exploration said its partnership with Anadarko Petroleum, BPRL Ventures, Mitsui E&P and Cove Energy discovered major natural gas presence in Rovuma basin of Mozambique.

Tata Motors Limited gained 1.6% to Rs 1,186.00 after the automobile company''s American depository receipt declined 2.03% to $35.27 on the New York Stock Exchange on November 26.