India Movers: Essel Propack, Reliance Industries, Hindustan Petro

Mukesh Buch
09 Dec, 2010
New York City

Stocks in Mumbai dropped sharply as the government tightened the noose around former telecom minister and stepped up investigation in 2G license issue process. Pipavav Shipyard signed protocol with Russia based company. Reliance Ind. plans to import heavier crude from Latin America to lift margins.

[R]6:00 PM Mumbai – Stocks in Mumbai dropped sharply as the government tightened the noose around former telecom minister and stepped up investigation in 2G license issue process. Pipavav Shipyard signed protocol with Russia based company. Reliance Industries plans to import heavier crude from Latin America to lift margins.[/R]

The BSE Sensex tumbled 2.3% or 454.12 to close at 19,242.36. The CNX Nifty on the National Stock Exchange declined 137.20 to close at 5,766.50.

Gainers & Losers

Amtek Auto Limited tumbled 14.7% to Rs 119.50 after the automotive component maker rose for three days in a row.

Axis Bank Limited fell 0.4% to Rs 1,245.00 after the stock traded as high as Rs 1,453.45 on December 2.

Bhushan Steel Limited plunged 5.5% to Rs 422.85.

Core Projects and Technologies Limited fell 0.9% to Rs 242.35 after the technology-enabled education solution provider said Merrill Lynch acquired 0.61% stake in the company on December 8.

Essel Propack Limited declined 3.2% to Rs 43.45 after a block deal of 0.32% changed hands in the plastic packaging material maker on the BSE in early trade today.

Hindustan Petroleum Corporation Limited decreased 3.7% to Rs 394.80 after the oil refiner said that the company''s exploration and production venture has “got strong response.”

IRB Infrastructure Developers Limited rose 0.9% to Rs 192.20 after the holding company denied reports of involvement in rigging of its shares.

Mahanagar Telephone Nigam Limited slumped 4.8% to Rs 50.55 after the telecommunication provider''s American depository receipt increased 3.91% to $2.66 in the New York Stock Exchange on December 8.

Kennametal India Limited soared 14.2% to Rs 578.70 after the hard metal product maker scheduled a board meeting on December 9 to consider a delisting proposal.

Pipavav Shipyard Limited tumbled 9.5% to Rs 65.25 after the private ship-builder said it has signed protocol with Rosoboron Export, a Russian government arm.

Rallis India Limited slipped 2.6% to Rs 1,282.90 after the pesticide and seeds maker bought majority stake in Bangalore-based seeds research company Metahelix Life Sciences for Rs 99.50 crore in cash.

Reliance Industries Limited slumped 3.4% to Rs 984.35 after the oil refiner plans to increase crude imports from Latin America as it seeks better refining margins by processing heavier and cheaper grades of oil.

Swaraj Mazda Limited rose 0.3% to Rs 411.60 after the light commercial vehicle maker said that the private equity firm Actis is in talks with Isuzu Motors to acquire its stake in the company.

Shreyas Shipping & Logistics Limited plunged 4.9% to Rs 43.00 and the shipping, logistic operator said it will invest Rs 17 crore to buy 50 trailers from Tata Motors.

Uflex Limited declined 1.3% to Rs 160.75 after the plastic and metalized film maker stock slumped 39% in the preceding four sessions.