India Movers: Canara Bank, Colgate, Godrej, NTPC, Pennar

Mukesh Buch
28 Mar, 2014
New York City

A2Z Maintenance surged after the company completed debt restructuring. Canara Bank raised Rs 1,000 crore through a bond issue. Colgate declared interim dividend. NTPC import 15 million tons of coal in the next year.

[R]6:00 PM Mumbai – A2Z Maintenance surged after the company completed debt restructuring. Canara Bank raised Rs 1,000 crore through a bond issue. Colgate declared interim dividend. NTPC import 15 million tons of coal in the next year.[/R]

Stocks in Mumbai rebounded and the rupee strengthened after foreign investors returned.

Foreign and domestic investors are increasingly forecasting a change of government in the parliament election next month that could revive the flagging economic growth to above 6%.

Also, investors are weighing bank bad loan problems in India and China. India’s bad bank loans have been rising in the last three years but the problem is still manageable, unlike the bad construction loans in China.

The rupee advanced to a 5-month high and closed at 59.87 against one dollar.

The Sensex Index jumped 125.60 or 0.6% to close at 22,339.97. The CNX Nifty increased 54.15 to close at 6,695.90.

For the week, Sensex climbed 2.7% and for the month surged 5.8% and for the quarter soared 5.4%.

Gainers & Losers

A2Z Maintenance and Engrng Servcs Ltd surged 10% to Rs 10.69 after the company said it completed yesterday a restructuring plan according to a corporate debt restructure guideline.

Canara Bank Ltd soared 6.5% to Rs 267.70 after the bank raised Rs 1,000 crore that Basel 3 bond issuance guideline.

Colgate-Palmolive (India) Limited gained 0.7% to Rs 1,369.70 after the company said its board has approved third interim dividend of Rs 9 per share of Re 1 for the current financial year.

Caplin Point Laboratories Ltd climbed 5% to Rs 184.25 after the company’s Tamil Nadu plant started commercial production from March 27.

Godrej Properties Limited jumped 5.8% to Rs 202.65 after the company entered into a partnership to develop a residential project in Chennai.

NTPC Limited climbed 3.3% to Rs 120.85 after the power producer plans to import 15 million tons of coal in the next fiscal year.

Pennar Industries Ltd surged 20% to Rs 23.80 after the company along with its subsidiaries secured orders worth Rs 102 crore.