India Movers: Tata Sky Plans $466 Million IPO, HDIL Plunges 22%

Mukesh Buch
24 Jan, 2013
New York City

Andhra Bank third quarter net declined 15.2%. Educomp signed agreement with Kaizen and Bertelsmann for $5 million investment. HDIL tumbled 22% as managing director Sarang Wadhawan lowered his stake. L&T net surged 13% and Reliance Communications profit declined 43.3%.

[R]6:00 PM Mumbai – Andhra Bank third quarter net declined 15.2%. Educomp signed agreement with Kaizen and Bertelsmann for $5 million investment. HDIL tumbled 22% as managing director Sarang Wadhawan lowered his stake. L&T net surged 13% and Reliance Communications profit declined 43.3%.[/R]

The Sensex Index declined 102.83 or 0.5% to close at 19,923.78 The CNX Nifty dropped 34.95 to close at 6,019.35.

Gainers & Losers

Andhra Bank dropped 6.9% to Rs 110.25 after the net profit in the third quarter declined 15.2% to Rs 257.09 crore.

Agro Tech Foods Limited slid 0.4% to Rs 508.10 after the net profit in the third quarter soared 16.3% to Rs 13.06 crore.

Ajanta Pharma Limited advanced 4.7% to Rs 513.65 after the company’s third quarter net profit climbed 76%.

Educomp Solutions Limited dropped 4.2% to Rs 128.35 after the online tutoring company signed agreements with Kaizen and Bertelsmann to invest Rs 22 crore in online business.

Housing Development and Infrastructure Limited tumbled 22.4% to Rs 74.65 after the vice chairman and managing director Sarang Wadhawan sold 50 lakh shares worth Rs 57 crore.

Jaypee Infratech Limited gained 3% to Rs 50 after its promoter Jaiprakash Associate decided to withdraw offer-for-sale of 98.5 million shares today to raise up to $94 million.

Larsen & Toubro Limited increased 1.6% to Rs 1,585.50 after the net profit in the third quarter surged 13% to Rs 1,122 crore.

Polaris Financial Technology Limited plunged 9.6% to Rs 108.85 after releasing lower than expected third quarter net profit of Rs 40.67 crore, a decline of 27%.

Prism Cement Limited slumped 4% to Rs 44.35 after the company swung to a net loss in the third quarter to Rs 54 crore compared to net profit of Rs 23 crore a year ago period.

Reliance Communications Limited tumbled 9.1% to Rs 80.05 after the consolidated net profit in the third quarter declined 43.3% to Rs 105 crore.

Tata Communications Limited declined 4.4% to Rs 230.30 after its subsidiary contemplating to issue debt instruments in Singapore Dollar denominated senior notes.

Tata Sky Limited was in focus on speculation satellite television services provider is likely to file for initial public offering to raise $466.2 million.