Sensex in Mumbai Drops 0.9%; Suzlon, Ashok Leyland Up

Devan Biswas
25 May, 2011
New York City

Stocks in Mumbai declined on the global worries and a rise in commodities prices and crude oil price. The rupee hovered near 2-month low. Banks, property developers and Suzlon Energy increased after it won orders for 200 turbines in Africa.

[R]5:20 PM Mumbai – Stocks in Mumbai declined on the global worries and a rise in commodities prices and crude oil price. The rupee hovered near 2-month low. Banks, property developers and Suzlon Energy increased after it won orders for 200 turbines in Africa.[/R]

The Sensex index in Mumbai declined 164.73 to 17,847.24 and the Nifty index fell 45.90 to 5,348.95.

The rupee edged higher 10 paisa to close at 45.35 to a dollar and crude oil price declined 27 cents to $99.32 a barrel.

The price of ten grams of gold increased 0.5% to Rs 23,274 and the price of silver for one kilo increased 3% to Rs 59,400.

Stock Movers

Ashok Leyland increased 1% to Rs 50.10 after the company won $23.30 million order for 290 double decker buses from Bangladesh Road Transport Corporation.

Bharat Heavy Electricals declined 1.3% to Rs 1,924 after the company proposed to sell the shares in a secondary offering at a discount of as much as 10%.

The government of India is expected to sell 5% of its stake from the current 67.7% stake and reserve 10% of the issue for its employees.

Canara Bank increased 2.7% to Rs 531.75 after the state controlled bank dropped as much as 24%. The stocks in banking sector declined on the worries that rising interest rates may hurt margins.

JSW Energy increased 0.8% to Rs 69.30 and in active trading two block trades totaling 1.18 crore shares.

NMDC gained 3.1% to Rs 256.60 after the mining company agreed to acquire up to 50% stake in Australia based Legacy Iron Ore. The price for the transaction is not finalized.

Orbit Corp declined 3.3% to Rs 42.50 after sales in fourth quarter declined 21.2% to Rs 68.12 crore and net dropped 7% to Rs 19.01 crore. The stock closed near its one-year low price.

Suzlon Energy increased 1.4% to Rs 49.85 after the company won engineering contract for 200 wind turbines from African Clean Energy Developments.