India Movers: Bhel, GMR, Jain Irrigation, L&T, Suzlon, Tata

Mukesh Buch
31 Mar, 2014
New York City

Bharat Heavy secured contract worth Rs 125 crore in Uttarakhand. GMR Group filed for initial public offering for its energy unit. Jain Irrigation plans to sell a stake in the food-processing unit to private equity funds. L&T unit won new orders worth Rs 1,009 crore.

[R]6:00 PM Mumbai – Bharat Heavy secured contract worth Rs 125 crore in Uttarakhand. GMR Group filed for initial public offering for its energy unit. Jain Irrigation plans to sell a stake in the food-processing unit to private equity funds. L&T unit won new orders worth Rs 1,009 crore.[/R]

The Sensex Index rose 46.30 to close at 22,386.27. The CNX Nifty increased 8.30 to close at 6,704.20.

For the month, Sensex surged 6.9% and for the quarter soared 5.7%.

Gainers & Losers

Bharat Heavy Electricals Limited dropped 1.2% to Rs 196.80 after the company secured a contract for Rs.125 crore from Uttarakhand Jal Vidyut Nigam Ltd.

GMR Infrastructure Ltd gained 1.4% to Rs 21.95 after its energy unit filed for initial public offering with Securities and Exchange Board of India on March 28.

The company expects to raise between Rs 1,700 crore and Rs 1,800 crore through the offering.

Jain Irrigation Systems Limited rose 1% to Rs 65.10 after the plans to sell a stake of about 30% to 35% in the food-processing unit to private equity funds to raise up to Rs 610 crore. The company plans to use proceeds to lower its debt.

Larsen & Toubro Limited slipped 1.2% to Rs 1,272.65 after the company said in March its construction unit won new orders worth Rs 1,009 crore across various business segments.

Suzlon Energy Ltd surged 12.2% to Rs 11.10 and the company is planning to sell shares in its German subsidiary Senvion SE to raise Rs 10,000 crore or $1.67 billion by listing on the London Stock Exchange.

Tata Chemicals Limited rose 0.2% to Rs 286.85 after the company said it will not participate in an ammonia-urea project in an African country.