Foreign Investors Lift India Exposure, Ultratech wins Coal Block

Mukesh Buch
20 Feb, 2015
New York City

Foreign investors continue to increase exposure to stocks in India with the focus on infrastructure and consumer products companies. Ultratech Cement won the Bicharpur coal block worth ₹3,003 per ton in MP.

[R]6:00 PM Mumbai – Foreign investors continue to increase exposure to stocks in India with the focus on infrastructure and consumer products companies. Ultratech Cement won the Bicharpur coal block worth ₹3,003 per ton in MP.[/R]

Stocks in Mumbai traded lower and oil prices declined for the third day in a row but information technology services companies gained.

Reliance Industries led the decliners in the Sensex Index after one its employees was arrested in Delhi on the charges of obtaining restricted government documents.

Separately, the company said it has launched its own independent inquiry in the allegation and will cooperate with the government authorities.

Indian rupee fell 12 paisa to 62.22 against one dollar.

The Sensex Index declined 230.86 or 0.8% to close at 29,231.41. The CNX Nifty fell 61.70 or 0.7% to 8,833.60.

For the week, Sensex jumped 1.4% and CNX Nifty advanced 1.3%.

Mastek, the information technology company said it has agreed to acquire Cover-All Technologies Inc and filed with the U.S. Securities and Exchange Commission and merge its subsidiary Majesco USA and list the company on the New York Stock Exchange.

Gainers & Losers

Balrampur Chini Mills Limited fell 0.9% to ₹60.50 after the government approved a higher subsidy of ₹4,000 per ton for raw sugar export.

Innoventive Industries Limited climbed 4.2% to ₹15 after the precision steel tube maker said net loss in the third-quarter narrowed to ₹9.36 crore compared to ₹73.20 in the same quarter last year.

Net sales soared 16.8% to ₹90.33 crore.

ITD Cementation India Limited surged 18.7% to ₹605.75 after the construction company secured an order for about ₹2,168 crore for the dredging and reclamation works from Bharat Mumbai Container Terminals.

Nitin Fire Protection Industries Limited advanced 2.9% to ₹39.25 after the fighting equipment maker acquired a contract worth ₹61 crore for upcoming project at UAE.

Sunil Hitech Engineers Limited jumped 3.9% to ₹156.60 after the fabrication company won an order worth ₹90 crore for the construction and development work from Kanpur Development Authority.

Vadilal Industries Limited dropped 3.8% to ₹232.50 after the largest independent ice cream maker said net loss in the third-quarter widened to ₹9.53 crore compared to ₹7.39 in the same quarter last year.

Net sales rose 4% to ₹65.50 crore.

Ultratech Cement Limited dropped 1.3% to ₹3,019.30 after the cement maker won the Bicharpur coal block for about ₹3,003 per ton in Madhya Pradesh.