India Movers: HDFC Bank, Indiabulls, JSW Steel, Strides Arcolab, Suzlon

Mukesh Buch
28 Feb, 2013
New York City

U.S. based private equity fund sold $90 million stake in Apollo Hospital. HDFC raised $500 million in foreign currency bonds. Jet Airways sold three Heathrow airport gates for $70 million. Suzlon tumbled 34%.

[R]6:00 PM Mumbai –U.S. based private equity fund sold $90 million stake in Apollo Hospital. HDFC raised $500 million in foreign currency bonds. Jet Airways sold three Heathrow airport gates for $70 million. Suzlon tumbled 34%.[/R]

The Sensex Index declined 290.87 or 1.5% to close at 18,861.54 The CNX Nifty dropped 103.85 or 1.8% to close at 5,693.05.

Gainers & Losers

Apollo Hospitals Enterprise, Ltd gained 0.5% to Rs 826.05 after the UK based Apax Partners LLP sold 4.2% stake to raised $90.2 million.

HDFC Bank Limited rose 0.6% to Rs 646.50 and the company raised $500 million through the foreign currency bonds sale.

Indiabulls Real Estate Ltd plunged 7.5% to Rs 59.75 after the Finance Minister proposed a tax of 1% on transfer of immovable property value worth more than Rs 50,00,000.

Jet Airways (India) Limited gained 1% to Rs 540.10 after Etihad Airways agreed to buy three pairs of slots at Heathrow airport for $70 million and offer a five-year loan of $400 million.

JSW Steel Limited dropped 5% to Rs 738.20 after Finance Minister proposed to levy commodity transaction tax on non agri-commodities futures.

Mahindra & Mahindra Limited slipped 2.3% to Rs 871.05 after the latest budget included a proposal to increase excise duty on sports utility vehicles.

State Bank of India declined 5.8% to Rs 2,085.40 after the Union Budget called for capital infusion of Rs 140 billion and did not offer any incentive to expand retail franchise.

Yesterday, the bank raised interest rates from 8.50% to 8.75% from March 1.

Strides Arcolab Limited plunged 6.9% to Rs 916.60 after consolidated net profit in the fourth quarter declined 10.6% to Rs 61.19 crore.

U.S. based Generic drug-maker Mylan Inc agreed to acquire Strides Arcolab Ltd for $1.6 billion in cash. The transaction is expected to close in the fourth quarter of 2013.

Suzlon Energy Limited tumbled 33.8% to Rs 24.25 after the promoters sold 6.19% stake in company to raise Rs 240.40 crore.