India Movers: Abbott India, Amar Remedies and Patel Engineering

Mukesh Buch
22 Dec, 2010
New York City

Abbott India fourth quarter net profit rose 7.9%. Mafatlal Industries reported a net loss in second quarter. NHPC agreed to set up 2,100 megawatt of hydro-electricity. State Bank of India plans to acquire second bank in Indonesia.

[R]5:00 PM Mumbai – Abbott India fourth quarter net profit rose 7.9%. Mafatlal Industries reported a net loss in second quarter. NHPC agreed to set up 2,100 megawatt of hydro-electricity. State Bank of India plans to acquire second bank in Indonesia.[/R]

The BSE Sensex fell 0.2% or 44.52 to close at 20,015.80. The CNX Nifty on the National Stock Exchange decreased 16.25 to close at 5,984.40.

Gainers & Losers

Abbott India Limited increased 1.6% to Rs 1,299.50 after the pharmaceutical company said fourth quarter net profit rose 7.9% to Rs 25.53 crore.

Amar Remedies Limited soared and locked at 4.9% to Rs 106.20 after Credit Suisse Singapore purchased 131,000 shares or 0.5% stake of the company at Rs 100.99 per share in a bulk deal on December 21.

Dr. Reddy''s Laboratories Limited fell 0.4% to Rs 1,680.00 after the pharmaceutical company''s American depository receipts slumped 6.23% to $35.36 on the New York Stock Exchange on December 21. The company also signed agreements with Russia based companies for a technology transfer and market development.

HDFC Bank Limited declined 1.3% to Rs 2,182.00 after the American depository receipt rose 1.76% to 163.80 on the New York Stock Exchange on December 21.

Ispat Industries Limited tumbled 6% to Rs 23.45 in anticipation that the company''s financials may turnaround after JSW Steel bought controlling stake.

Indian Oil Corporation Limited rose 0.6% to Rs 366.25 after on reports ministerial panel is likely to meet by end-December to consider price rise of diesel and domestic LPG.

J. Kumar Infraprojects Limited gained 3.7% to Rs 180.10 after the construction company secured work orders aggregating Rs 36.85 crore.

Kavveri Telecom Products Limited increased 1.4% to Rs 114.55 after the telecom hardware products maker''s wholly owned unit signed a pact with cellular operator for wireless solutions.

Mafatlal Industries Limited decreased 2.6% to Rs 276.95 after the textile company reported second quarter net loss of Rs 5 crore.

NHPC Limited gained 2.3% to Rs 28.10 after the power generation company signed agreement with Jammu & Kashmir State Power Development Corp and PTC India to generate 2,100 megawatt of hydro-electricity.

Patel Engineering Ltd. soared 4.9% to Rs 318.65 after the construction consortium led by the company won an order worth Rs 300 crore.

Pondy Oxides & Chemicals Ltd. gained 3.8% to Rs 42.25 after the metallic oxides company''s board approved merging subsidiary company Lohia Metals with the company.

P I Industries Limited increased 1.3% to Rs 497.75 after the agro chemicals company signed agreement to sell its polymer compounding business to French multinational -- Rhodia SA.

SRF Limited surged 4.8% to Rs 352.55 after the holding company entered into 80:20 joint ventures with Bitol-Niloy of Bangladesh to set up polyester film plant in Bangladesh at an estimated cost of Rs 320 crore.

State Bank of Travancore advanced 2.4% to Rs 806.30 after the bank said its board will meet on December 28 to consider issue of right equity shares.

Subex Limited soared 4.9% to Rs 79.20 the telecom software maker extending gains after the company secured overseas order worth $3 million for one of its software products.

State Bank of India rose 0.05% to Rs 2,744.95 and the bank plans to acquire second bank in Indonesia and hopes to get 25% of its revenues from its overseas operations.

Tata Chemicals Limited gained 3.5% to Rs 388.15 after the crop nutrition and consumer product maker forayed into branded pulses under its ''i-Shakti'' brand, which will be available at around Rs 95 to Rs 100 per kilogram.