Suzlon Energy Plans $700 M Bond Offering, Havells to Split Stock

Mukesh Buch
26 Aug, 2014
New York City

Havells India surged after announcing a stock split for 1-for-5. L&T signed a contract in Bangladesh for Rs 1,210 crore. Suzlon Energy plans to raise Rs 4,000 crore through the foreign currency convertible bonds. Shree Cement net dropped. Tech Mahindra gained on higher outlook.

[R]6:00 PM Mumbai – Havells India surged after announcing a stock split for 1-for-5. L&T signed a contract in Bangladesh for Rs 1,210 crore. Suzlon Energy plans to raise Rs 4,000 crore through the foreign currency convertible bonds. Shree Cement net dropped. Tech Mahindra gained on higher outlook.[/R]

The Sensex Index edged up 5.79 to close at 26,442.81 The CNX Nifty slid 1.55 to 7,904.75.

Gainers & Losers

Havells India Ltd surged 9.4% to Rs 272.75 after the company announced a 1-for-5 split face value Rs 5 each to Rs 1 per share with trading started from yesterday.

Larsen & Toubro Limited slipped 1.3% to Rs 1,504 after the company signed a contract to set up 225 megawatt gas-based power plant worth Rs 1,210 crore or $200 million at Bangladesh.

Suzlon Energy Ltd declined 4.6% to Rs 21.70 after the company plans to raise Rs 4,000 crore through the foreign currency convertible bonds and manage Rs 9,000 crore.

Shree Cement Limited slid 0.2% to Rs 7,926 after net profit in the fourth-quarter dropped 2.6% to Rs 277.02 crore and total revenue climbed 11.5% to Rs 1,708.17 crore.

Separately, the company agreed to acquire a 1.50 million ton grinding unit of Jaiprakash Associates in Haryana for Rs 360 crore.

Sunil Hitech Engineers Limited rose 0.4% to Rs 128.50 after the company secured new orders worth Rs 137.56 crore for infrastructure projects and renewable energy.

Tech Mahindra Ltd gained 1.7% to Rs 2,349.35 and the company estimated digital unit to contribute more than $500 million in revenues by 2015.