India Movers: CEAT, Max India, Asian Paints, Indian Oil

Mukesh Buch
24 Dec, 2010
New York City

Bang Overseas and Thomas Scott (India) sign a deal. BF Utilities is in negotiation with Goldman Sachs to sell up to 15% stake for 164 km expressway. Indian Hotels allotted additional shares to Tata Sons. CEAT Limited gained after rubber duties were lowered.

[R]6:00 PM Mumbai – Bang Overseas and Thomas Scott (India) sign a deal. BF Utilities is in negotiation with Goldman Sachs to sell up to 15% stake for 164 km expressway. Indian Hotels allotted additional shares to Tata Sons. CEAT Limited gained after rubber duties were lowered.[/R]

The BSE Sensex rose 0.4% or 90.78 to close at 20,073.66 The CNX Nifty on the National Stock Exchange gained 31.60 to close at 6,011.60.

Gainers & Losers

Aster Silicates Limited soared 4.6% to Rs 36.95 after the chemical company extended its rally for the third day and said it commenced first phase commercial production of sodium silicate at Bharuch with a capacity of 150 tons per day.

Asian Paints Limited declined 2.5% to Rs 2,886.60 after the paint company surged nearly 10% in a four days.

Bang Overseas Ltd. increased 2.7% to Rs 40.85 after the textile maker''s board of directors approved a deal between Bang Overseas and Thomas Scott (India).

BF Utilities Limited surged 19.9% to Rs 848.00 after the infrastructure developer said that the company is in talks with Goldman Sachs to sell 10% to 15% stake for Rs 500 crore in phase II of the 164 kilometer expressway connecting Bangalore and Mysore.

Balrampur Chini Mills Limited gained 3.3% to Rs 85.90 after the commodity exchanges permitted the trading in sugar futures from December 27.

CEAT Limited advanced 2.8% to Rs 136.80 after the government cut import duty on natural rubber to 7.5% from 20% to boost domestic supply and check rising prices.

Havells India Limited increased 1.6% to Rs 393.25 after the electrical components maker said it expects to double its capacity for compact fluorescent lamps to 10 million in next two years.

India Infoline Ltd. rose 0.2% to Rs 83.45 after financial service company’s board approved a proposal for buyback of shares.

Indian Oil Corporation Limited slumped 2.1% to Rs 354.50 after crude oil prices gained more than 1% on New York Mercantile Exchange on December 23. Crude oil futures for the next month delivery jumped to $91 a barrel, a two-year high.

ICICI Bank Limited fell 1% to Rs 1,119.05 after its American depository receipt declined 1.5% to $49.71 on the New York Stock Exchange on December 23.

Jindal Photo Limited tumbled 5.1% to Rs 232.50 after the photographic paper and film maker soared nearly 41.9% in a four-day rally.

Max India Limited gained 2.6% to Rs 141.35 after media reports suggested that Singapore controlled pension fund Temasek Holdings acquired over 3% stake.

Sathavahana Ispat Limited increased 1.1% to Rs 53.25 after the iron and steel maker said it commenced operations of coke oven batteries at Bellary district, Karnataka with annual capacity of 1,50,000 tons.

Sumeet Industries Limited fell 0.9% to Rs 25.10 after the polyester filament yarn and chip maker''s board approved a rights issue of as much as Rs 60 crore.

SAAG RR Infra Ltd. rose 0.3% to Rs 40.45 after the construction contractor signed an agreement with Mrail International Sdn Bhd for exclusive rights for implementing tramway projects in India, Bangladesh and Sri Lanka.

The Indian Hotels Company Limited rose 0.8% to Rs 94.55 after the hotelier reports the company allotted equity shares and warrants to the promoter Tata Sons on preferential basis.