India Movers: Coal India, Jindal, L&T, LIC, MphasiS, REC, Rolta India

Mukesh Buch
30 Aug, 2013
New York City

Jindal Steel & Power tumbled after board approved a stock buyback plan. L&T secured new orders worth Rs 807 crore. LIC increased stake in State Bank of Inida. MphasiS net jumped 9%. REC plans to raise $544 million. Rolta India net swung to a loss.

[R]6:00 PM Mumbai – Jindal Steel & Power tumbled after board approved a stock buyback plan. L&T secured new orders worth Rs 807 crore. LIC increased stake in State Bank of Inida. MphasiS net jumped 9%. REC plans to raise $544 million. Rolta India net swung to a loss.[/R]

The Sensex Index climbed 218.68 or 1.2% to close at 18,619.72 The CNX Nifty jumped 62.75 or 1.2% to close at 5,471.80.

For the week, the Sensex rose 0.5% and for the month declined 3.8%.

Gainers & Losers

Coal India Limited rose 0.2% to Rs 250.50 after the government selected seven banks including two foreign brokerage firms Deutsche Bank and Goldman Sachs to manage stake sale to raise $1.2 billion.

Eros International Media Limited advanced 1.7% to Rs 114.25 and the company acquired worldwide distribution rights of the highly anticipated comedy film.

Jindal Steel & Power Limited tumbled 8.9% to Rs 221.90 after the company''s board approved stock buyback plan at a price not exceeding to Rs.261 a share.

Separately, the Coal Ministry formed a panel to review the statues of its two coal blocks in Chhattisgarh.

Jayant Agro-Organics Ltd gained 1.1% to Rs 77.90 and the company formed joint venture agreements with two Japanese firms to focus on manufacturing castor oil based polyols.

Larsen & Toubro Limited rose 0.01% to Rs 722.25 after the company secured new orders worth Rs 807 crore.

Life Insurance Corporation, the insurer increased its 2.86% stake in State Bank of India to 13.26% by acquiring 19.57 lakh shares from open market.

MphasiS Limited increased 0.9% to Rs 423.90 after the consolidated net profit in the third-quarter advanced 9% to Rs 193 crore and revenue jumped 10% to Rs 1,540 crore.

Nitesh Estates Limited slid 0.7% to Rs 10 after the company launch residential project worth Rs 300 crore in South Bangalore.

Rural Electrification Corporation Limited gained 1% to Rs 168.50 after the company plans to raise Rs 37,000 crore in the current fiscal year.

Rolta India Limited climbed 4.3% to Rs 62.20 after net in the year swung to a loss Rs.737.43 crore, compared to a net profit of Rs.327.34 crore last year.

Revenue for the year declined 10.7% to Rs.1,310.94 crore from Rs.1,468.07 crore a year ago.

For the fourth-quarter, the company said net swung to a loss Rs.1,008.93 crore compared to a net profit of Rs.72.96 crore in the year ago period.