Mumbai Stocks on Hold; Sesa Goa, Bharti Airtel Up

Devan Biswas
05 Apr, 2011
New York City

Stocks in Mumbai recovered from the losses of near 1% and closed down a fraction. The cross currents of higher crude oil prices and the expectations of higher earnings played out in the market. Sesa Goa soared after the Supreme Court lifted exports ban.

[R]5:00 PM Mumbai – Stocks in Mumbai recovered from the losses of near 1% and closed down a fraction. The cross currents of higher crude oil prices and the expectations of higher earnings played out in the market. Sesa Goa soared after the Supreme Court lifted exports ban.[/R]

Stocks in early trading were on the decline and dropped nearly 1.1% after crude oil prices remained high and Asian markets weak.

The Sensex declined 14.921 to 19,686.82 and the Nifty index increased 1.60 to 5,910.05.

The rupee decreased 44 cents to Rs 45.05 to a dollar and the price of ten grams of gold increased Rs 14 to Rs 20,957.

Stocks were on the defensive after a rally of nine-day in the last two weeks of trading that saw the benchmark index soar nearly 9%.

Higher crude oil prices and the expectations of higher earnings were driving trading sentiment.

Stock Movers

Sesa Goa gained 6.5% to Rs 294.90 after Supreme Court lifted the ban of iron ore exports from Karnataka.

Bharti Airtel rebounded as much as 0.3% to Rs 360.70 after the company said its 3G subscriber base increased to 2 million or 20 lakh in the first five week of its launch from 6 lakh in the first three weeks.

Surana Telecom Telecom & Power soared 9% to Rs 17.70 after the company entered in a leasing agreement with a company in Hyderabad.

Global offshore Services soared 10.11% to Rs 130.50 after it sold its platform vessel for $26.32 million.

Voltas increased 2.4% to Rs 184.50 after the company acquired 11% stake in its engineering services company in Oman for Rs 6.65 crore.

Mundra Port and Special Economic Zone increased 5.9% to Rs 147.80 and extended 3-day gains 12.7% after it reported its cargo handling volume increased to 50 million tons.

Compact Disc soared 20% or its daily limit to Rs 51.90 after the company said it will meet on April 12 to expedite its delisting process.

Idea Cellular increased 2.85 to Rs 69.35 after the company said it will file a court appeal against the stay on the merger with Spice Communications.

JSW Energy soared 8.3% to Rs 77.20 and Vijaya Bank increased 6.7% to Rs 82.80.

Tecpro Systems soared 6.9% to Rs 307.50 after the company won an order Rs 256 crore from NTPC for commissioning of coal handling plant at a mining block in Jharkhand.