India Movers: GAIL, HPL, IDFC, Jindal, McNally, ONGC

Mukesh Buch
26 Aug, 2013
New York City

GAIL and Qatar are in talks to finalize long term natural gas purchase and a possible stake sale in Petronet LNG. Jindal Steel secured five exploration licenses in African countries. ONGC agreed to acquire a 10% stake for $2.6 billion stake in Mozambique oil field.

[R]5:00 PM Mumbai – GAIL and Qatar are in talks to finalize long term natural gas purchase and a possible stake sale in Petronet LNG. Jindal Steel secured five exploration licenses in African countries. ONGC agreed to acquire a 10% stake for $2.6 billion stake in Mozambique oil field.[/R]

The Sensex Index rose 38.69 to close at 18,558.13 The CNX Nifty closed up at 4.75 to close at 5,476.50.

Gainers & Losers

GAIL (India) Limited dropped 3% to Rs 295.55 and the company plans to trim its 4.6% stake in the Hong-Kong listed gas distributor China Gas Holdings.

The company is in negotiates with Qatar controlled company to secure 3 million tons of LNG at a price below $14 per unit and also offered Qatar Petroleum to acquire 5% equity in Petronet LNG.

Haldia Petrochemicals Ltd stake sale is likely to be delayed as bidders raised concern over the share purchase agreement to submit final bid before August 31.

IDFC Limited plunged 8.3% to Rs 94.95 after the Reserve Bank of India lowered the limit for foreign investors from 74% to 54%.

Jindal Steel & Power Limited gained 1.4% to Rs 243.90 and the company secured five exploration licenses for iron ore mining in African countries.

In the last week the company acquired 19.5% stake in Gujarat NRE Coking Coal, the Australian subsidiary of Kolkata-based Gujarat NRE Coke.

McNally Bharat Engineering Company Limited gained 3% to Rs 48.30 after the engineering company received an order worth Rs 309 crore from South Eastern Coalfields Ltd.

Oil and Natural Gas Corporation Limited declined 3.2% to Rs 267.80 after its overseas arm ONGC Videsh agreed to acquire a 10% stake in an offshore gas field in Mozambique from Anadarko Petroleum for $2.6 billion or £1.7 billion in cash.

Ranbaxy Laboratories Limited climbed 4.8% to Rs 403.40 and the generic drug maker may withdraw from marketing some drugs in international markets.

Transformers & Rectifiers (India) Limited jumped 4.9% to Rs 63.95 after the company secured order worth Rs 126 crore from Gujarat Energy Transmission Corporation.

VIP Industries Limited surged 8.8% to Rs 53.40 after the widely followed investor Rakesh Jhunjhunwala along with consortium raised the stakes in the company of 0.69%.