India Movers: Arvind, Bharti Infratel, JP Associate, Tata Power, Tata Steel

Mukesh Buch
25 Mar, 2014
New York City

Arvind Ltd struck a 49% stake in Calvin Klein business in India venture. EIL secured contract worth $40 million in Oman. JP Associate sold its 74% stake in Bokaro Cement. Tata Power schedules Rs 2,000 crore issue on March 31.

[R]6:00 PM Mumbai - Arvind Ltd struck a 49% stake in Calvin Klein business in India venture. EIL secured contract worth $40 million in Oman. JP Associate sold its 74% stake in Bokaro Cement. Tata Power schedules Rs 2,000 crore issue on March 31.[/R]

The Sensex Index edged down at 0.27 to close at 22,055.21. The CNX Nifty rose 6.25 to close at 6,589.75.

Gainers & Losers

Arvind Limited soared 5.8% to Rs 155.90 after the company entered in a joint venture with the U.S.-based PVH Corp for the operation of Calvin Klein business in India with a stake of 49%.

Bharti Infratel Ltd gained 1.2% to Rs 200 after Goldman Sachs sold 1.25 crore shares worth $38 million and trimmed its holding to more than 1 crore shares in the telecom tower company.

Engineers India Ltd climbed 4.05% to Rs 208.05 after the company secured contract worth $40 million for the Liwa Plastics project of Oman Refineries.

Jaiprakash Associates Limited grew 0.1% to Rs 49.05 after the company signed an agreement to sell its 74% stake in the Bokaro cement unit to Dalmia Cement for about Rs 690 crore.

Power Grid Corporation of India Limited climbed 2% to Rs 105.25 after the company acquired Unchahar Transmission Ltd. under tariff based competitive bidding.

Tata Consultancy Services Limited slid 0.3% to Rs 2,145.70 after the company won a multi-million euro deal from France-based GDF Suez SA.

The company has 1,200 employees in France, Belgium and Switzerland.

Tata Steel Limited increased 1% to Rs 366.70 and in an e-auction the company received bids starting with Rs750 crore for the prime land parcel of 25-acre in Borivali suburb of Mumbai. The highest bid received so far is Rs 1,155 crore.

Tata Power Ltd rose 1.2% to Rs 81.35 after the company’s rights issue worth Rs 2,000 crore is scheduled to open on March 31. The company plans to use proceeds for capital expenditure and repay the debt.