India Movers: Ashok Leyland, Airtel, Financial Tech, HMT, Paper Products

Mukesh Buch
19 Feb, 2014
New York City

Ashok Leyland plans to divest non-core assets to reduce debt burden. Financial Tech gained after Tech Mahindra may take a stake in the company. HMT surged after government approved restructuring plan. Paper Products net surged 66%.

[R]6:00 PM Mumbai - Ashok Leyland plans to divest non-core assets to reduce debt burden. Financial Tech gained after Tech Mahindra may take a stake in the company. HMT surged after government approved restructuring plan. Paper Products net surged 66%.[/R]

The Sensex Index gained 88.76 or 0.4% to close at 20,722.97. The CNX Nifty rose 25.65 to close at 6,152.75.

Gainers & Losers

Ashok Leyland Limited gained 1.9% to Rs 15.65 after the company plans to divest to its non-core assets to reduce the debt.

Bharti Airtel Limited rose 0.2% to Rs 302.85 and the subscriber based crossed 200 million or 20 crore in India and the wireless network coverage extended to 86.7% of the population.

Yesterday, the mobile company agreed to acquire Loop Mobile for Rs 300 crore.

For the third-quarter, Airtel reported net profit surged 115.1% to Rs 610.20 crore and net sales climbed 13.3% to Rs 21,938.50 crore.

Financial Technologies (India) Ltd climbed 5% to Rs 326.20 after Tech Mahindra showed an interest to buy an equity stake in the company.

Falcon Tyres Ltd closed unchanged at Rs 14.40 after net in the third-quarter swung to a loss Rs 1.90 crore compared to a profit of Rs 0.86 crore and net sales declined 39.49% to Rs 128.38 crore.

HMT Limited surged 8.6% to Rs 29.65 after the machine tools and tractors maker said the government approved the restructuring package of Rs 1,083 crore. The company board approved the allotment of 8% preference share to government of India that is redeemable in two years.

The Paper Products Limited jumped 2.9% to Rs 79.25 after net profit in the third-quarter surged 66.1% to Rs 16.66 crore and revenue soared 22.6% to Rs 279.02 crore.