India Movers: Airtel, GMR, HCL, Jaiprakash Power, Gitanjali Gems

Mukesh Buch
24 Jun, 2013
New York City

GMR Infrastructure seeks damages of $1.4 billion from the Maldives Airports Company. HCL and Vestas Wind Systems entered into a long-term collaboration. Jaiprakash Power halted power generation at its Uttarakhand. Indian jewelers plunge after local gold price declined to a 2-year low.

[R]6:00 PM Mumbai – GMR Infrastructure seeks damages of $1.4 billion from the Maldives Airports Company. HCL and Vestas Wind Systems entered into a long-term collaboration. Jaiprakash Power halted power generation at its Uttarakhand. Indian jewelers plunge after local gold price declined to a 2-year low.[/R]

Stocks in Mumbai closed lower and fell to a 2-month low weighed down weak rupee and worries of rising current account gap.

The rupee traded as low as 59.71 in Mumbai trading and hovered near record low and the currency dropped 9%, the largest decline amongst all major currencies in the quarter.

The Sensex Index decreased 233.40 to close at 18,541 and the 24 of the 30 components in the index declined. The CNX Nifty fell 77 to close at 5,590.

Gainers & Losers

Jewelry retailers led the decliners in Mumbai trading after gold prices declined to a 2-year low.

Gitanjali Gems dropped by 20% lower daily limit, Tribhovandas Bhimji Zaveri declined 4% and Shree Ganesh Jewelry House plunged 9%.

Bharti Airtel Limited declined 3.2% to Rs 283.10 after the cut 2G data charges by 90% and slashed 4G data charges by 31% today in Bengaluru, Pune, Kolkatta and Chandigarh.

GMR Infrastructure, Ltd dropped 5% to Rs 17.85 after the infrastructure developer is seeking damages of $1.4 billion from the Maldives government and Maldives Airports Company Limited for the termination of its contract.

HCL Technologies Limited rose 0.1% to Rs 760.15 and the company entered into a long-term engagement with Vestas Wind Systems A/S as the strategic partner.

Jaiprakash Power Ventures Limited plunged 13.5% to Rs 17.65 after the company shutdown its 400 mega watt power plant from June 16 on flash floods in Uttarakhand that has killed more than 1,000 people and stranded 50,000 pilgrims.

Jyothy Laboratories, Ltd dropped 6.1% to Rs 186.50 and Morgan Stanley Asia (Singapore) Pte sale sold 8,50,000 shares at an average price of Rs 201 a share through an open market transaction.

Mahindra & Mahindra Financial Services Limited plummeted 8.1% to Rs 236.40 after its board decided not to apply for a new banking license.

NMDC Limited slipped 1.8% to Rs 103.20 after Legacy Iron Ore Ltd., the Australian arm of the company plans to raise A$25 million through rights offering.