India Movers: Colgate, Cairn India, Reddy

Mukesh Buch
25 Mar, 2013
New York City

Colgate India agreed to transfer a division to a parent company controlled subsidiary for $11 million. Cairn India lowered its energy production target for 2014. Dr. Reddy

[R]6:00 PM Mumbai – Colgate India agreed to transfer a division to a parent company controlled subsidiary for $11 million. Cairn India lowered its energy production target for 2014. Dr. Reddy’s won a pending case of $22.5 million against Nordion Inc. Godrej Properties approved 2-for-1split.[/R]

The Sensex index fell 54.18 to close at 18,681.42 The CNX Nifty index slid 17.50 to close at 5,633.85.

Gainers & Losers

Colgate-Palmolive (India) Limited dropped 2.2% to Rs 1,281.20 after the company sold Global Shared Services division to a subsidiary of its U.S. parent holding company for Rs 59.89 crore. The company also declared a dividend of Rs 9 a share.

Cairn India Limited edged up 0.04% to Rs 277.65 after the energy explorer lowered production growth forecast from 240,000 to 210,000 barrels per day by end of 2014.

Dr. Reddy’s Laboratories Limited rose 0.8% to Rs 1,765.45 after the company won pending case against U.S. based Nordion Inc. settling $22.5 million in cash payment.

Godrej Properties Limited increased 1.2% to Rs 521.45 after the company''s board of directors approved 2-for-1 stock split.

GMR Infrastructure, Ltd surged 9.5% to Rs 21.85 after the company commissioned first commercial generation of power of 300 megawatts unit of GMR Emco Energy.

Jindal Steel & Power Limited fell 0.4% to Rs 350.55 after the Naveen Jindal chairman increased his stake in the company by 0.5% for Rs 16.89 crore.

Manappuram Finance, Ltd declined 5.1% to Rs 22.30 after the company lowered revised profit outlook for the fourth quarter of this fiscal year.

Oil and Natural Gas Corporation Limited jumped 2.9% to Rs 304.60 after the company increased diesel price by 45 paise a litre from March 23.

S.Kumars Nationwide Limited rose 0.3% to Rs 8.58 on the reports that promoters are planning to sell their stake in Reid & Taylor.