Stocks Waver in India; Pipavav Shipyard Rises on Samsung Stake Talks

Devan Biswas
19 Apr, 2011
New York City

Stocks in Mumbai wavered as sentiment reversed more than five times in trading. A drop in crude oil price helped to counter the weak international sentiment and a rise in gold and silver prices. Silver jumped 0.7% and hovered near a record price of Rs 67,000 a kilo.

[R]4:30 PM Mumbai – Stocks in Mumbai wavered as sentiment reversed more than five times in trading. A drop in crude oil price helped to counter the weak international sentiment and a rise in gold and silver prices. Silver jumped 0.7% and hovered near a record price of Rs 67,000 a kilo.[/R]

Stocks traded sideways in the session after commodities and crude oil prices wavered near recent highs. Silver jumped 0.7% and gold gained 0.4% as speculators drove the prices higher ahead of the wedding season.

The Sensex index closed up 30.66 to 19,121.83 and the Nifty index added 11.65 to 5,740.75.

The rupee edged lower to 45.00 to a dollar and price of ten grams of gold increased 0.4% to Rs 22,712 and silver gained 0.7% to Rs 67,047.

Stocks struggled in the morning after a weakness in Asian markets. In the overnight trading, market indexes declined in the U.S. after investors reacted to a late alarm sounded by a rating agency close to the government.

U.S. lawmakers are struggling to contain a debt balloon and the recent budget proposals from the Democrats and the Republicans suggested a debt limit increase to at least $19.5 trillion.

Stock Movers

IDBI Bank increased 1.3% to Rs 147.20 after it reported fourth quarter earnings increase of 62% to Rs 516.25 crore and net interest income increased 23.2% to Rs 5,700.65 crore.

Pipavav Shipyard increased 9% to Rs 89.10 on the media reports that South Korea based Samsung Heavy Industries may take a stake in the company at Rs 110 a share.

Zee Entertainment increased 8.4% to Rs 135.05 after net profit increased 49% to Rs 191.80 crore and revenues increased 22.95 to Rs 798 crore in the latest quarter.

Fame India increased 5% to Rs 62.70 after the company approved the plan to raise RS 90 crore in a rights offering.

Oil marketing companies increased after crude oil price in New York trading declined 2%.

Hindustan Petroleum Corporation increased 1.2% to Rs 364.80, Bharat Petroleum Corporation increased 0.8% to Rs 594 and Indian Oil Corporation gained 0.7% to Rs 325.25.

HDFC Bank gained 2% to Rs 2,356 after the bank reported quarterly earnings increased 33% and board recommended five-for-one split and issued a dividend of Rs 16.50 a share from Rs 12 a share.

Indag Rubber increased 2.7% to Rs 103.55 after fourth quarter net rose 13.7% to Rs 3.65 crore and sales increased 25.8% to Rs 40.57 crore.