Fedders Lloyd Plunged 20%, Jindal Saw in $100 M U.S. Acquisition

Mukesh Buch
28 Aug, 2014
New York City

Fedders Lloyd net plunged 64%. Indraprastha Gas acquired a stake in Maharashtra Natural Gas. Jindal Saw plans to acquire PSL North America for $100 million. Tata Motors challenge the Competition Commission of India.

[R]6:00 PM Mumbai – Fedders Lloyd net plunged 64%. Indraprastha Gas acquired a stake in Maharashtra Natural Gas. Jindal Saw plans to acquire PSL North America for $100 million. Tata Motors challenge the Competition Commission of India.[/R]

The Sensex Index gained 77.96 or 0.3% to close at 26,638.11 The CNX Nifty rose 18.30 to 7,954.35.

Gainers & Losers

Bhushan Steel Ltd extended loss by 4.9% to Rs 101.35 after the stock plunged 74.33% from closing price of Rs 394.85 on August 1.

Fedders Lloyd Corporation Limited tumbled 20% to Rs 75 after net profit in the fourth-quarter plunged 64.2% to Rs 5.90 crore and total revenue fell 0.6% to Rs 288.88 crore.

For the year, net profit declined 9.7% to Rs 44.81 crore and total revenue surged 13.9% to Rs 1,163.79 crore.

Indraprastha Gas Limited gained 1% to Rs 378.30 after the company signed an agreement to purchased 5 crore share (50 million) of Maharashtra Natural Gas at a price of Rs 38 per share.

Jindal Saw Limited increased 1.9% to Rs 77.75 after its U.S.-based subsidiary plans to acquire PSL North America LLC in a bankruptcy purchase agreement for about $100 million.

The acquisition is expected to conclude by the end of this month.

Shriram EPC Limited surged 7.9% to Rs 36.90 after the company received approvals of Rs 2,530 crore debt reconstitute from Corporate Debt Restructure authority.

Singer India Ltd jumped 2.5% to Rs 155.80 after net profit in the fourth-quarter climbed 45.1% to Rs 2.35 crore and total revenue soared 37.4% to Rs 65.37 crore.

Tata Motors Limited rose 0.5% to Rs 524.40 and the company challenged the Competition Commission of India penalty for violation of trade rules in the spare parts and after services market.