India Movers: Elecon Engineering, GMR, Reliance Infrastructure, SAIL

Mukesh Buch
10 Feb, 2011
New York City

Elecon Engineering soared 5% after net profit surged 85.6%. EPC Industrie Ltd surged 20% after M&M will acquire 38% stake. KRBL slumped 8% after net profit fell 12%. Reliance Infrastructure soared 9.4% after ADAG group stocks recover from the sell-off.

[R]6:00 PM Mumbai – Elecon Engineering soared 5% after net profit surged 85.6%. EPC Industrie Ltd surged 20% after M&M will acquire 38% stake. KRBL slumped 8% after net profit fell 12%. Reliance Infrastructure soared 9.4% after ADAG group stocks recover from the sell-off.[/R]

The BSE Sensex declined 0.7% or 129.73 to close at 17,463.04 The CNX Nifty on the National Stock Exchange decreased 27.75 to close at 5,225.80.

Gainers & Losers

City Union Bank Limited rose 0.6% to Rs 37.40 after the bank reported third quarter net profit surged 41.94% to Rs 57.70 crore and total income increase 25.38% to Rs 349.29 crore.

Elecon Engineering Company Limited soared 5.1% to Rs 63.90 after the material handling equipment maker reported third quarter net profit surged 85.68% to Rs 36.82 crore and net sales increased 20.43% to Rs 300.94 crore.

EPC Industrie Limited surged 19.9% to Rs 76.95 after the irrigation and industrial infrastructure reported Mahindra and Mahindra will acquire 38% stake in company.

GMR Infrastructure Limited surged 13.7% to Rs 36.10 after the holding company’s group official told operating margins for Delhi airport may improve to over 40% once the regulator decides the tariff structure.

Honda Siel Power Products Limited declined 7.7% to Rs 331.05 after the generator and pumps maker reported third quarter net profit plunged 43% to Rs 6.45 crore and net sales fell 2.3% to Rs 102.25 crore.

KRBL Limited slumped 8.1% to Rs 27.05 after the commodity trader said third quarter consolidated net profit fell 12.2% to Rs 25.45 crore and net sales rose 23.3% to Rs 373.07 crore.

Omkar Speciality Chemicals closed unchanged to Rs 46.20 and traded lower 35.51% to its initial public offer price of Rs 98.

Punj Lloyd Ltd. decreased 3.6% to Rs 66.20 after the engineering company signed a joint venture agreement with unit of French firm GECI International to provide engineering services in the aerospace sector.

Rashtriya Chemicals and Fertilizers Limited rose 0.9% to Rs 76.70 after the chemicals maker reported third quarter net profit fell 12.1% to Rs 68.36 crore and net sales fell 4.5% to Rs 1,533.55 crore.

Reliance Infrastructure Limited soared 9.4% to Rs 585.25 after six companies in Anil Dhirubhai Ambani group recover from the previous session''s sell-off. Anil Ambani in a statement to media said “unscrupulous competitors” were spreading rumors that are not based in facts.

Earlier NDTV Profit said in a report that India’s chartered accountant group had sought information from the company auditors. The group denied it made such a request.

Ramco Industries Limited tumbled 5.1% to Rs 43.60 after the conglomerate reported third quarter net profit slumped 36.66% to Rs 8.50 crore and net sales rose 20.50% to Rs 122.69 crore.

Steel Authority of India Limited soared 5.1% to Rs 161.05 after steel maker received conditional clearance from the environment ministry for mining in Chiria reserves of Jharkhand.

The India Cements Limited gained 2.4% to Rs 89.85 after the cement company said third quarter net profit slumped 38.30% to Rs 21.47 crore on net sales fell 9.62% to Rs 780.99 crore.