India Movers: BHEL, IPCA Lab, Jet Airways, NTPC, Power Grid

Mukesh Buch
19 Nov, 2013
New York City

BHEL secured contract worth Rs 1,300 crore from NTPC. FT India sold its stake in ICE Singapore Holdings for $150 million. NTPC terminated its Rs 700 crore contract with the Italy-based company. Power Grid

[R]6:00 PM Mumbai – BHEL secured contract worth Rs 1,300 crore from NTPC. FT India sold its stake in ICE Singapore Holdings for $150 million. NTPC terminated its Rs 700 crore contract with the Italy-based company. Power Grid’s $1.2 billion offering is likely to open on December 3.[/R]

The Sensex Index gained 40.08 or 0.2% to close at 20,890.82. The CNX Nifty rose 14.35 to close at 6,203.35.

Gainers & Losers

Ansal Properties & Infrastructure Ltd jumped 4.9% to Rs 22.65 after net profit in the second-quarter surged to Rs 32.43 crore and sales climbed 34.9% to Rs 444.34 crore.

Bharat Heavy Electricals Limited rose 0.8% to Rs 141 after the company secured contract worth Rs 1,300 crore from NTPC.

Financial Technologies (India) Limited added 2.1% to Rs 185.05 after the company’s Singapore based subsidiary sold its stake in SMX to ICE Singapore Holdings for $150 million.

IPCA Laboratories Limited slid 0.04% to Rs 682.75 and the company agreed to acquire 50% stake of Avik Pharmaceutical for Rs 6.51 crore.

Jet Airways (India) Limited jumped 3.3% to Rs 320.55 and the airline is expected to finalize 24% preferential stake sale to Abu Dhabi-based Etihad for about Rs 2,058 crore.

On April 24, Etihad Airways acquired 24% stake in Jet Airways and invested $379 million.

Tail Winds, investment vehicle used by Jet Airways founder Naresh Goyal sold 7.89% stake for more than Rs 211 crore in open market. The average price for sale was Rs 310.15 a share.

After the transaction, Tail Winds will hold 51% stake in the airline and Etihad will control 24% and public shareholders will have 25%.

The airline said its net loss in the second-quarter widened to Rs 891.01 crore compared to Rs 99.67 crore in a quarter a year ago. Revenues grew 1.7% to Rs 4,267.77 crore.

NTPC Limited slid 0.4% to Rs 155 after the company terminated its Rs. 700 crore turbine contract with Italy-based Ansaldo for its plant in Uttar Pradesh.

Power Grid Corporation of India Limited slipped 1.1% to Rs 94.95 and the company’s $1.2 billion offering is expected to open on December 3.

Sadbhav Engineering Limited gained 1.6% to Rs 73.20 after the company was declared as a successful bidder by Delhi Metro Rail Corporation for a contract valued Rs 50.96 crore.

Suven Life Sciences Limited soared 8.2% to Rs 73.35 after net profit in the second-quarter soared to Rs 45.55 crore and net sales surged to Rs 151.41 crore.