India Movers: Elecon Eng, JP Associates, Kinetic, Tata Power, Vesuvius

Mukesh Buch
25 Feb, 2014
New York City

Elecon Engineering secured an order from NTPC. JP Associates plans to reduce the debt and sell stakes in Bhilai Cement and Bokaro Steel. Kinetic sold its entire stake in Mahindra Two Wheelers. Tata Power to look for additional capital at a board meeting on Feb 27.

[R]6:00 PM Mumbai - Elecon Engineering secured an order from NTPC. JP Associates plans to reduce the debt and sell stakes in Bhilai Cement and Bokaro Steel. Kinetic sold its entire stake in Mahindra Two Wheelers. Tata Power to look for additional capital at a board meeting on Feb 27.[/R]

The Sensex Index gained 41.03 to close at 20,852.47. The CNX Nifty increased 13.95 to close at 6,200.05.

Gainers & Losers

Elecon Engineering Company Ltd climbed 6.9% to Rs 25.30 after its subsidiary Elecon EPC Projects secured an order worth Rs 246.78 crore from NTPC.

Jaiprakash Associates Limited dropped 2.4% to Rs 40.90 after the company is in talk to sell two hydropower projects in Himachal Pradesh to a consortium led by Abu Dhabi based Taqa for Rs 12,000 crore to 13,000 crore.

The company also plans to sell of its stake in Bhilai Cement and Bokaro Cement, to lower its consolidated debt of Rs 60,000 crore.

Kinetic Engineering Ltd jumped 5% to Rs 35.20 after the company sold its entire stake in Mahindra Two Wheelers to private equity firm Samena Capital for about Rs 182.1 crore.

Pfizer Limited slid 0.1% to Rs 1,136.45 after the company clarified that the company is not looking to de-list its share form Indian markets.

Punj Lloyd Limited slipped 1.5% to Rs 25.90 after the company said PTT Public Company based in Thailand has terminated its transmission pipeline contract.

Tata Power Company Limited dropped 2.1% to Rs 80.95 and the company’s board of directors scheduled to meet on February 27 to consider various options to raise additional capital.

Toshiba JSW Power Systems Pvt Ltd, the infrastructure developer won order worth $180 million from state-owned power generator NTPC for supply of two 800 mega watt steam turbine.

Vesuvius India Ltd plunged 7.4% to Rs 450.85 after net profit in the fourth-quarter tumbled 23.05% to Rs 13.59 crore and revenue rose 1.2% to Rs 155.34 crore.