India Movers: Crest Animation, GMR Infra, Hero Honda, Sterlite

Mukesh Buch
14 Dec, 2010
New York City

Allahabad Bank hiked base and prime lending rate. Honda Motors partner in Hero Honda Group are expected to acquire 26% stake in the joint venture for about $1 billion. Punjab National Bank bought 63.6% stake in Kazakhstan based JSC Dana Bank in $24 million.

[R]6:00 PM Mumbai – Allahabad Bank hiked base and prime lending rate. Honda Motors partner in Hero Honda Group are expected to acquire 26% stake in the joint venture for about $1 billion. Punjab National Bank bought 63.6% stake in Kazakhstan based JSC Dana Bank in $24 million.[/R]

The BSE Sensex increased 0.5% or 107.41 to close at 19,799.19. The CNX Nifty on the National Stock Exchange rose 36.45 to close at 5,944.10.

Gainers & Losers

Allahabad Bank gained 3.4% to Rs 223.60 after the bank raised its base rate from existing 8.50% to 9% and benchmark prime lending rate from existing 12.50% to 13.25% from December.

Crest Animation Studios Limited surged 19.9% to Rs 78.75 after the animation developer signed an agreement for production services for high end DVD feature `Swan Princess.''

Eveready Industries India Limited soared 14% to Rs 59.25 after the dry cell batteries and flashlight maker raised prices of some of its products by as much as 9% to pass on the higher cost of zinc.

GMR Infrastructure Limited gained 3.8% to Rs 47.65 after the holding company said it subsidiary will get Rs 480 crore with interest from Tamil Nadu Electricity board on winning a court case.

Hero Honda Motors Limited declined 3.3% to Rs 1,713.85 after the motorcycle maker reports the owner of Hero Group is set to buy Honda Motor''s 26% stake in the joint venture for about $1 billion or half the current value of the stake.

ITD Cementation India Limited advanced 9.6% to Rs 239.80 after the construction company in joint venture with its promoter won a construction order worth Rs 228 crore.

NTPC Limited increased 1.1% to Rs 198.80 after the bulk power generation company''s chairman Arup Roy Choudhury told that the firm aims to add 5,500 megawatts of capacity in the next year fiscal year.

Polyplex Corporation Limited surged 5% to Rs 646.20 after the plastic film maker company fixed December 25 as the record date for issuing bonus share.

Petronet LNG Limited soared 4.6% to Rs 129.55 after the import and regasification of LPG reports the company is going to reap the benefits from the resultant shortage of gas in the country.

Punjab National Bank rose 0.9% to Rs 1,237.40 after the bank bought 63.64% stake in JSC Dana Bank, Kazakhstan for 3.5 billion Tenge or $23.76 million.

Reliance Infrastructure Limited gained 2.6% to Rs 833.10 as the company looks for ways to consolidate its road project assets.

Sterlite Industries (India) Limited gained 3.4% to Rs 170.65 after the non-ferrous metals and mining company said Supreme Court on December 13 extended stay on lower court order asking the company to close its copper smelter in south India.

S. Kumars Nationwide Limited fell 0.9% to Rs 87.65.

Tantia Construction Limited increased 3.7% to Rs 81.00 after the civil infrastructure provider said its board will meet on December 16 to consider preferential allotment of securities.