India Plans NTPC, REC Secondary Offering

123jump.com Staff
02 Sep, 2009
New York City

Stocks in Mumbai closed lower. Monsoon rains for the season are still 25% below long term average. India plans to sell additional stake in NTPC and Rural Electrification Corporation by the end of the fiscal year.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai closed lower. Monsoon rains for the season are still 25% below long term average. India plans to sell additional stake in NTPC and Rural Electrification Corporation by the end of the fiscal year.[/R]

The Sensex index in India decreased 83.73 or 0.5% to 15,467.46 and CNX Nifty index fell 17 or 0.3% to 4,608.35. Among the Sensex 30 stocks, 21 fell and 9 rose.

On BSE trading, 1,154 stocks declined, 1,604 rose and 80 were unchanged.

The monsoon rains were above the long term average in the last two weeks of August but are still 25% lower than long term average according to the Indian Meteorological Department.

Metallurgical coke producer Austral Coke & Projects dropped its daily limit of 5% after SEBI barred the company from raising capital after the income tax department discovered an alleged more than Rs.1,000 crore fraud.

The government is planning to sell additional stakes in NTPC and Rural Electrification Corporation before the end of the current fiscal year.

""NTPC and REC FPO will come up before March 2010,"" Power Secretary H S Brahma said.

Gainers & Losers

Realty and capital goods stocks fell. Auto stocks were mixed. IT stocks rose on a weaker rupee.

Bajaj Auto Limited plunged 2.6% or Rs.31.80 to Rs.1,187.05 after the focuses on motorcycles in the two-wheeler and three-wheeler segment August sales rise 6% on year.

Balaji Telefilms Limited surged 9.4% or Rs.5.75 to Rs.66.35 after the television content company gets reprieve from sales tax claims of to Rs.55 crores.

Hero Honda Motors Limited climbed 2.4% to Rs.1,572.30 after the manufacture of motorcycles August sales increased 35.8%.

Maruti Suzuki India Limited decreased 1.2% to Rs.1,525.95 and the company plans to invest 15 crore rupees in R&D center.

Mahindra & Mahindra Financial Services Limited the non-banking finance company rose 1.5% or Rs.3.20 to Rs.217.20.

Nakoda Textile Industries Ltd surged 11.8% or Rs.5.95 to Rs.56.20 after company launched wind power business in Tamil Nadu.

Oracle Financial Services Software Ltd surged 5.2% or Rs.91.30 to Rs.1,842.40.

Pratibha Industries Limited added 4.8% or Rs.9.60 to Rs.207.90 after the engineering and construction company won Rs.406.06 crore contract.

Procter & Gamble Hygiene and Health Care Limited the fast moving consumer goods company gained 4.4% or Rs.49.15 to Rs.1,150.05.

Ranbaxy added 2% after it received government order for Oseltamivir capsules for the treatment of Swine Flu.

Reliance Communications Limited jumped 4.8% or Rs.12.70 to Rs.277.00 after the company prepaid debt of 5,000 crore rupees ahead of schedule. Separately, Reliance Infratel plans to revive plans to raise 4,800 crore rupees through offering.

Redington (India) Limited, the information technology company rose 7.3% or Rs.17.10 to Rs.250.00.

Strides Arcolab Limited advanced 2.3% or Rs.3.60 to Rs.156.30.

Tata Consultancy Services Limited jumped 1.1% or Rs.6.25 to Rs.532.85.

Vivimed Labs Limited rallied 4.9% or Rs.4.40 to Rs.93.90 after the specialty chemicals maker buys back foreign currency convertible bonds of $15 million maturing in April 2012.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 249.60 or 2.37% to 10,280.46, Hang Seng index in Hong Kong decreased 350.30 or 1.76% to 19,522.00 and CSI 300 index in China higher 47.23 or 1.66% to 2,890.93. ASX 200 index in Australia decreased 76.40 or 1.69% to 4,438.20. The FTSE Bursa KL Composite index in Malaysia closed lower 3.27 or 0.28% to 1,168.01.

The Kospi Index in South Korea decreased 9.90 or 0.61% to close at 1,613.16. SET index in Thailand closed higher 0.00 or 0.00% to 654.12 and JSE Index in Indonesia decreased 40.99 or 1.76% to 2,285.92. The Sensex index in India decreased 83.73 or 0.54% to 15,467.46.