India Stocks Firm; Power Plant Orders

Mayank Mehta
18 Sep, 2009
New York City

Stocks in India edged higher but barely. Infrastructure companies lead the gainers as more power plant orders are awarded. Raymond Limited, the textile conglomerate plans to develop housing complex in north Mumbai.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in India edged higher but barely. Infrastructure companies lead the gainers as more power plant orders are awarded. Raymond Limited, the textile conglomerate plans to develop housing complex in north Mumbai.[/R]

The Sensex index in India increased 30.19 or 0.1% to 16,741.30 and CNX Nifty index rose 10.40 or 0.2% to 4,975.95. Among the Sensex 30 stocks, 18 rose and 12 fell.

On BSE trading, 1,437 stocks advanced, 1,336 declined and 79 were unchanged. Cement and automobile stocks were in focus and banks declined.

The Union Cabinet today extended by one year the limits on the quantity of rice, sugar, pulses and cooking oils traders can hold to prevent hoarding. Weak monsoon season has lifted prices of food across the nation.

The RBI deputy governor Shyamala Gopinath on Thursday said it was too soon for the central bank to unwind its accommodative monetary policy despite early signs of economic recovery.

Gainers & Losers

3i Infotech Ltd rose 2.2% to Rs 90.10 and the company is planning to sell Rs 500 crore in private placement.

Alok Industries Limited advanced 0.2% to Rs 23.70 after textile maker’s board committee agreed to convert partly paid 1.6 crore share to fully paid shares.

Aurobindo Pharma Limited fell 2.4% to Rs 677.05 has received the tentative approval for
Attention deficit hyperactivity disorder for dosages between 10 mg and 100 mg from the US Food & Drug Administration.

Axis Bank Limited decreased 0.6% to Rs 905.30 said it has raised $720 million through a sale of shares to institutions and an issue of global depositary receipts on strong demand from European and U.S. investors, two banking sources said on Friday.

3M India Limited rose 2.8% to Rs 1,599.20 and Container Corporation of India Limited rose 5.2% to Rs 1,154.05 on rating revision from Japanese investment bank Nomura.

Dr. Reddy’s Laboratories Limited added 3.5% to Rs 865.05 on media reports that UK based GlaxoSmithKline was in talks to buy a 5% stake in the firm for about $150 million.

El Forge Limited the steel forgings maker increased 4.5% to Rs 24.25.

Falcon Tyres Limited climbed 5.0% to Rs 981.60 said that it has fixed September 29 to award bonus share to stock holders. The company will split a share of Rs 10 each into shares of Rs 5 each and issue 2 shares for every 1 share held.

Flawless Diamond (India) Limited rose 4.4% to Rs 36.25 said that it has received repeat order of designer jewelry from Malay Impex, Hong Kong of Rs 17 crore to be delivered in 180 days.

Glenmark Pharmaceuticals Limited rose 2.3% to Rs 222.50 has received approval from the US drug regulator for its anti-hypertension tablets.

HCL Technologies Limited declined 1.1% to Rs 337.45 said that it has entered into a five-year IT infrastructure management for a privately held company in Houston, Texas.

Infrastructure Development Finance Company rose 1.5% to Rs 144.70 and the company has acquired a 5% stake in Indian Commodity Exchange.

Orchid Chemicals & Pharmaceuticals Ltd advanced 0.3% to Rs 163.55 said that it has received an approval from the US Food and Drug Administration for its abbreviated new drug application for generic Zaleplon for the short term treatment of insomnia.

Raymond Limited increased 8.8% to Rs 223.00 after the textile conglomerate plans to develop affordable housing at 20 acre land in north Mumbai according to Chairman Gautam Singhania.

ICICI Bank Limited fell 3.3% to Rs 843.35 and said that the bank is close to finalizing a partner for its point-of-sale terminal business, Chief Executive Chanda Kochhar said Friday.

Roman Tarmat Ltd added 3.6% to Rs 58.00 after the construction company said that it has received an order of Rs 9.60 crore for Nagpur Airport.

State Bank of India increased 1.4% to Rs 2,136.50 after the bank plans to open 40 overseas branches in the next one year as part of a strategy to become a global bank.

Thermax Limited rose 3.9% to Rs 546.15 after the power plant system builder was awarded 270 MW plant for Hyderabad based infrastructure company for Rs 1,001 crore.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 73.26 or 0.70% to 10,370.54, Hang Seng index in Hong Kong decreased 145.06 or 0.67% to 21,623.45 and CSI 300 index in China lower 120.41 or 3.63% to 3,199.69. ASX 200 index in Australia decreased 21.70 or 0.46% to 4,693.20. The FTSE Bursa KL Composite index in Malaysia closed higher 2.40 or 0.20% to 1,221.20.

The Kospi Index in South Korea increased 4.24 or 0.25% to close at 1,699.71. SET index in Thailand closed higher 4.44 or 0.63% to 713.67 and JSE Index in Indonesia increased 17.63 or 0.72% to 2,456.99. The Sensex index in India increased 30.19 or 0.18% to 16,741.30.