India Movers: Cairn India, MMTC, Oil India, Pipavav Defence, Tata Steel

Mukesh Buch
25 Jun, 2013
New York City

Cairn India plans to invest $3 billion in its Rajasthan oilfields. Oil India and ONGC Videsh agree to acquire stake in Mozambique oil field from Videocon for $2.48 billion. Tata Steel is looking to raise $1.2 billion through stake sales in group companies.

[R]6:00 PM Mumbai – Cairn India plans to invest $3 billion in its Rajasthan oilfields. Oil India and ONGC Videsh agree to acquire stake in Mozambique oil field from Videocon for $2.48 billion. Tata Steel is looking to raise $1.2 billion through stake sales in group companies.[/R]

The Sensex Index gained 88.26 to close at 18,629.15 The CNX Nifty increased 18.85 to close at 5,609.10.

Gainers & Losers

Cairn India Limited dropped 2.5% to Rs 276.10 after the company plans to invest $3 billion in next three years to find more oil from its Rajasthan oilfields.

Edelweiss Financial Services Ltd surged 6.1% to Rs 31.95 and Srei Infrastructure Finance Limited plan to apply for banking license.

Indraprastha Gas Limited increased 0.09% to Rs 265 after the company raised retail price of CNG by 5% in Delhi and neighboring areas.

Oil India Limited dropped 2.1% to Rs 544.20 and the company and ONGC Videsh agree to acquire Videocon''s 10% stake in Mozambique gas field for $2.48 billion.

MMTC Limited tumbled 5% to Rs 119.85 after extending recent steep slide triggered by government’s decision to divest 9.33% stake at a discount.

Mahindra & Mahindra Limited gained 3.3% to Rs 957.50 after the company''s board decided against filing for a banking license.

Pipavav Defence and Offshore Engineering Company Limited, formerly Pipavav Shipyard Limited rose 0.9% to Rs 67.05 after the company secured a contract worth Rs 255 crore for maintaining and dry docking of deep water draft oil rigs.

Tata Steel Limited slid 0.07% to Rs 266.55 after the steel producer is looking to sell stakes in various group companies including Tata Motors to raise Rs 7,200 crore or $1.2 billion.