India Movers: Hero Honda, HDFC, RPP Infra and State Bank

Mukesh Buch
06 Dec, 2010
New York City

Stock in Mumbai rose. Japan based Honda Motor dissolves partnership in Hero Honda Motors to pursue on its own auto and motorcycle business in India. Jindal Steel & Power wins preliminary approval for $3 billion expansion project. State Bank of India plans to raise deposit rate as much as 1.5%.

[R]6:00 PM Mumbai – Stock in Mumbai rose. Japan based Honda Motor dissolves partnership in Hero Honda Motors to pursue on its own auto and motorcycle business in India. Jindal Steel & Power wins preliminary approval for $3 billion expansion project. State Bank of India plans to raise deposit rate as much as 1.5%.[/R]

The BSE Sensex rose 0.7% or 14.38 to close at 19,981.31. The CNX Nifty on the National Stock Exchange gained 0.55 to close at 5,992.25.

Gainers & Losers

Alphageo (India) Limited surged 4.8% to Rs 175.35 after the seismic survey service provider won a contract worth Rs 7.4 crore from KEI-RSOS Petroleum & Energy.

Hero Honda Motors Limited tumbled 3.2% to Rs 1,773.85 after the motorcycle manufacturer said Honda Motor Company has reached a basic agreement to dissolve its partnership.

Housing Development Finance Corporation Limited rose 0.9% to Rs 704.95 after the firm raised its lending rate on home loans as the cost of funds is inching up.

Jindal Steel & Power Limited gained 2.8% to Rs 699.05 after the company received approved from Environment Ministry “in-principle” for Rs 13,140 crore expansion project in Raigarh district of Chhattisgarh.

Micro Technologies (India) Limited increased 1.3% to Rs 165.65 after the information technology said its board would meet on December 10 to consider fund raising.

Plethico Pharmaceuticals Limited increased 1.2% to Rs 400.60 after the pharmaceutical company said board will meet on December 8 to consider issue of share warrants on a preferential basis.

R.P.P. Infra Projects Ltd. declined 8% to Rs 68.95 after a 1.47% premium over the initial public offer price of Rs 75.

State Bank of India plunged 3.8% to Rs 2,952.85 after the financial service provider said the bank''s cost of funds may increase after it hiked deposit rates by 50 to 150 basis points for various maturities from December 7.

Sarda Energy & Minerals Limited gained 1.2% to Rs 355.30 after the steel and ferro alloys explorer board approved issuing 18.04 lakh equity shares on a preferential basis at Rs 510 per share to Hong Kong-based Asia Minerals.

Suzlon Energy Limited increased 1% to Rs 52.25 after the wind power company will acquire the tower business division of fully owned unit, Suzlon Towers & Structures, and the operations and maintenance division of wholly owned Suzlon Infrastructure Services.

Siemens Limited gained 2% to Rs 781.00 after the industry, energy and healthcare company won an order worth Rs 127 crore to install, design and engineer a special electronics package for India''s first Formula 1 race track.

Sun Pharmaceutical Industries Ltd. increased 1.9% to Rs 455.95 after the specialty pharma company launched an offer to buy all outstanding shares in its US-based unit, Caraco Pharmaceutical Labs for $4.75 each.

Tata Steel Limited soared 3.3% to Rs 634.95.

Valecha Engineering Limited increased 1.4% to Rs 146.20 after the construction and infrastructure developer won a road construction order worth Rs 187 crore in Arunachal Pradesh.