India Stocks Down, Jet Airways $400 M Offering

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

Stocks in Mumbai declined led by resource stocks and IT outsourcing companies. Jet Airways board approved $400 million offering. Dr Reddy

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai declined led by resource stocks and IT outsourcing companies. Jet Airways board approved $400 million offering. Dr Reddy’s Laboratories increased on higher volume. Swaraj Engines Ltd surged on stake exchange talks.[/R]

The Sensex index in India increased decreased 88.43 or 0.5% to 16,693.00 and CNX Nifty index fell 27.60 or 0.5% to 4,958.95. Among the Sensex 30 stocks, 20 fell and 10 rose.

On BSE trading, 1,621 stocks advanced, 1,137 declined and 90 were unchanged.

Gainers & Losers

Axis Bank Limited fell 0.4% to Rs 914.40.

Cipla today said it will raise Rs 676 crore through the issue of equity shares on institutional placement basis.

GlaxoSmithKline Consumer Healthcare Limited added 1.7% to Rs 1,165.00 after a block deal of 50,000 shares was executed on NSE at Rs 1,150 per share.

Jet Airways (India) Limited added 5.3% to Rs 328.00 said shareholders approved the plan to raise $400 million or about Rs 1,920 crore, at an extra-ordinary general meeting. The company has Rs 16,000 crore of debt.

Kingfisher Airlines added 9.5% to Rs 54.00 after today on probability of rights issue.

Mahindra & Mahindra increased on the speculation that it will acquire Kirloskar''s stake in Swaraj Industries.

Nagarjuna Construction Company Limited rose 0.4% to Rs 145.60 after one of the promoters revoked a substantial portion of shares pledged earlier.

Orchid Chemicals & Pharmaceuticals Ltd increased 9.1% to Rs 177.65 said that a U.S. court had denied Wyeth''s motion for a temporary restraining order on the sale of company’s generic version of the Zosyn antibiotic.

Dr. Reddy’s Laboratories Limited added 8.6% to Rs 969.60 after following a 5% gain in ADR of the stock. The trading volume has gained five fold in the few days after Morgan Stanley raised company rating to “overweight” from “equal-weight.”

Reliance Infrastructure Limited fell 0.4% to Rs 1,210.00 after Vedanta’s Sterlite Energy and Lanco Infratech have submitted financial bids for power finance corporation’s mega transmission project that aims to evacuate power from the North-East and eastern states to the northern region.

Sesa Goa Limited decreased 5.3% to Rs 257.45.

Shree Cement Limited rose 1.4% to Rs 1,662.60 after a block deal of 42,449 shares was executed on NSE at Rs 1,645 per share.

Sical Logistics Limited climbed 4.9% to Rs 64.15 said that it has received letter of authorization for setting up of iron ore handling facilities at the deep draft multipurpose berth of new Mangalore port.

Strides Arcolab Limited rose 3.7% to Rs 170.00 after the drug maker said on Friday it launched a generic version of Roche''s anti-viral Tamiflu used to treat H1N1 swine flu.

Swaraj Engines Limited increased 9.6% to Rs 339.85 after Mahindra & Mahindra India’s largest tractor maker is planning to consolidate its stake in Swaraj Engines as part of a plan to expand the diesel engine business.

Tantia Constructions Limited decreased 1.1% to Rs 107.05 after the company received an order worth Rs 51.40 crore from Government of Meghalaya for construction of water pumping systems.

Videocon Industries Limited added 5.1% to Rs 245.50 after the company may spin off its strategic interest in a Brazilian oil and gas field into a separate entity.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 278.24 or 2.64% to 10,265.98, Hang Seng index in Hong Kong decreased 26.33 or 0.13% to 21,024.40 and CSI 300 index in China lower 22.40 or 0.73% to 3,058.53. ASX 200 index in Australia increased 12.10 or 0.26% to 4,713.30. The FTSE Bursa KL Composite index in Malaysia was lower 0.67 or 0.06% to 1217.39.

The Kospi Index in South Korea decreased 2.40 or 0.14% to close at 1,691.48. SET index in Thailand closed lower 6.97 or 0.96% to 721.57. JSE Index in Indonesia decreased 24.32 or 0.98% to 2,444.58.The Sensex index in India decreased 88.43 or 0.53% to 16,693.00.