Reliance Energy Surges 4% in India

123jump.com Staff
02 Jan, 2001
New York City

Sensex in India surged 0.8% on its first day of trading. Sensex rose 156 to 20,465.30. Of the stocks traded on BSE, 1,974 advanced, 934 fell, and 13 were unchaged. BSE and NSE registered nearly 32 thousand crore rupees or nearly $8 billion trading turnover. Reliance Energy surged 4% after the reports that its subsidiary is likely to offer shares in an IPO and raise nearly 10,000 crore rupees or $2.5 billion. HDFC sells stake in its insurance subsidiary to Standard Life.

[R]10:00AM New York, 7:30PM Mumbai - Sensex stocks opened the year with a rise of 0.80%.[/R]

The 30-share BSE Sensex index closed up 0.8% to 164.59 at 20,465.30. During the day, the index traded in a range of 450 points.

The broader CNX S&P Nifty was up 0.8% or 35.05 at 6179.40. Banking stocks rebounded from earlier loses while software shares were subdued.

Of the stocks traded on the BSE, 1,974 shares advanced on the Bombay Stock Exchange 934 shares fell, and 13 remained unchanged. Turnover on BSE amounted to 10,984 crore rupees while turnover on the National Stock Exchange was at 22,655 crore rupees.

Of the Sensex shares, 16 advanced while the rest declined.

Market regulator SEBI is reviewing the 10% limit on stake held by directors or key management personnel in a company, proposed to be brought under the insider trading regulation.

The SEBI also proposed that company insiders should surrender profits made in any equity-based securities transactions of the company that is sold within six months of purchase.

Reliance Energy rose 4.09% to 2,372.10 rupees. It led the advancers in the Sensex index on news reports that Reliance Power is planning to raise $3 billion through the initial public offering of 26 crore shares at a price between 405 rupees to 450 rupees per share. Reliance Energy will lower its holding in Reliance Power to 50% from the current 100%.

Housing Development Finance Company gained 3.8% to 3,030 rupees. HDFC recently agreed to sell 7.15% stake in its life insurance joint venture - HDFC Standard Life Insurance Company a Mauritius based company, to Standard Life for 201 crore rupees.

State Bank of India advanced 1.2% to 2,413.20 rupees, ICICI Bank surged 3.4% to 1,273 rupees.