India Movers: Bharti Airtel, Bosch, L&T, M&M, Tata Power, Titan

Mukesh Buch
28 Feb, 2014
New York City

Bharti Airtel fined $4 million by the Nigerian telecom regulator. Bosch net declined 19%. L&T won new orders worth Rs. 5,220 crore. M&M profit fell 2% but revenue jumped 8%. Tata Power sells its 30% stake in Indonesia based power subsidiary. Tech Mahindra acquired BASF IT.

[R]6:00 PM Mumbai – Bharti Airtel fined $4 million by the Nigerian telecom regulator. Bosch net declined 19%. L&T won new orders worth Rs. 5,220 crore. M&M profit fell 2% but revenue jumped 8%. Tata Power sells its 30% stake in Indonesia based power subsidiary. Tech Mahindra acquired BASF IT.[/R]

The Sensex Index gained 133.13 or 0.6 to close at 21,120.12. The CNX Nifty gained 38.15 to close at 6,276.95.

For the week, Sensex jumped 2.8% and for the month climbed 2.1%.

Gainers & Losers

Arvind Limited gained 1.1% to Rs 156.05 and the company announced a joint venture with Japan-based Goodhill Corporation to set up a suits manufacturing unit in Bengaluru with an investment of Rs.40 crore.

Bharti Airtel Limited slipped 0.2% to Rs 287.50 after the Nigeria''s telecoms regulator fined 647.5 million naira and banned the company from selling new SIM cards in March because of poor service in January.

The Nigerian Communications Commission will charge 2.5 million naira for every day after March 7, if the fine is not paid.

Bosch Limited dropped 1.2% to Rs 9,366.30 after net profit in the fourth-quarter declined 19.2% to Rs 138.98 crore and total revenue grew 0.4% to Rs 2,255.13 crore.

Larsen & Toubro Limited rose 1% to Rs 1,108.30 after its construction division won new orders worth Rs. 5,220 crore across various business segments between January and February.

Mahindra & Mahindra Limited increased 1.1% to Rs 973.45 after net profit in the third-quarter fell 1.9% to Rs 1,230 crore and revenue jumped 8.5% to Rs 20,679.90 crore.

Tata Power Company Limited slid 0.7% to Rs 78.85 after the agreed to sell its 30% stake in Indonesia-based subsidiary PT Mitratama Perkasa, to Bakrie Group for $120 million.

Titan Company Ltd slipped 1.3% to Rs 242.20 after the company entered into a joint venture agreement with a Netherlands-based Montblanc Services B.V.

Tech Mahindra Limited jumped 2.7% to Rs 1,870.60 after the company signed an agreement to acquire Germany-based BASF’s IT solutions unit for an undisclosed amount.

Venus Remedies Limited climbed 4.5% to Rs 239.45 after the company won marketing approval for its antibiotic ''Elores'' in Myanmar.