Indiabulls Power IPO 22 Times Subscribed

123jump.com Staff
15 Oct, 2009
New York City

Stocks in India edged lower after a strong run in the last ten days. Indiabulls Power IPO receives 22 times bids on the last day of subscription. Euro Multivision trades lower 7% on its first day of trading.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in India edged lower after a strong run in the last ten days. Indiabulls Power IPO receives 22 times bids on the last day of subscription. Euro Multivision trades lower 7% on its first day of trading.[/R]

Stocks in Mumbai edged lower after rising for two days in a row. Rupee edged higher as traders and exporters repatriate dollar ahead of Diwali celebration this week.

The Sensex index in India decreased 35.91 or 0.2% to 17,195.20 and CNX Nifty index fell 9.35 or 0.1% to 5,108.85. Among the Sensex 30 stocks, 18 declined and 12 rose.

On BSE trading, 1,394 stocks advanced, 1,358 declined and 77 were unchanged.

Indiabulls Power initial public offering received 21.83 times bids on last day of the subscription as investors seek out companies in the power generation sector.

Rupee edged higher 33 paisa to 46.00 against one dollar.

Gainers & Losers

Alembic Limited fell 4.8% to Rs 48.85 after the pharmaceutical company said second quarter net sales declined 19% to Rs 285.99 crore from Rs 352.24 crore a year ago. Net profit in the quarter declined 12% to Rs 13.29 crore from Rs 15.04 crore a year ago.

Bajaj Auto Limited decreased 3.3% to Rs 1,554.00 said second quarter net profit rose to Rs 402.83 crore from Rs 184.91 crore a year ago.

Cairn India Limited rose 1.5% to Rs 284.00 after the UK based energy explorer completed financing arrangements for $1.6 billion for funding its Rajasthan project.

Container Corporation of India Limited fell 0.8% to Rs 1,150.10 after second quarter net profit declined 8.6% to Rs 204.35 crore a year ago.

EIH Limited added 7.2% to Rs 136.25 after the hotel operator said Max India Chairman Analjit Singh is poised to become the biggest shareholder in the company and join the Oberoi family run company as vice-chairman and co-promoter, a newspaper report said.

Euro Multivision, the compact disc maker was listed on the BSE at a discount of 6.66% to its issue price of Rs 75 per share.

Exide Industries Limited, the storage batteries maker rose 4.6% to Rs 106.00.

GRUH Finance Limited rose 4.4% to Rs 233.55 after the provider of long term housing finance said second quarter total income rose 19% to Rs 78.17 crore from Rs 65.61 crore a year ago. Net profit for the quarter rose 29% to Rs 10.6 crore or Rs 3.05 per diluted share compared to net profit of Rs 8.21 crore or Rs 2.25 per share a year ago.

GVK Power & Infrastructure Limited added 2.4% to Rs 48.35 and said that the company has not entered into any contract to acquire the stake in Mumbai International Airport.

HCL Infosystems rose 2.8% to Rs 165.00 after the IT firm opened its Rs 500 crore equity share issue for qualified institutional buyers.

K.C.P. Sugar and Industries Corporation Limited increased 2.8% to Rs 28.50 after the second quarter net profit surged 210.6% to Rs 17.02 crore a year ago.

Nilkamal Ltd rose 1.0% to Rs 165.30 after the plastics products maker second quarter net profit surged 181.8% to Rs 13.13 crore a year ago.

Motilal Oswal Financial Services Limited decreased 3.7% to Rs 177.70 after the diversified financial services company said second quarter sales rose 20% to Rs 158.5 crore from Rs 132.2 crore a year ago. Net profit for the quarter rose 75% to Rs 47.5 crore or Rs 3.33 per diluted share compared to net profit of Rs 27.1 crore or Rs 1.91 per share a year ago.

Merck Limited the pharmaceuticals and chemicals maker rose 9.1% to Rs 459.50.

Parsvnath Developers Limited added 0.6% to Rs 136.85 after the real estate firm said second quarter sales fell 22% to Rs 173 crore from Rs 221.46 crore a year ago. Net profit for the quarter rose 183% to Rs 62 crore compared to net profit of Rs 21.9 crore a year ago.

Petron Engineering Construction Limited surged 13.4% to Rs 184.95 after the company received an order of Rs 38.28 crore from Utility Energytech and Engineers, Noida, Uttar Pradesh.

Polaris Software Lab Limited fell 0.3% to Rs 147.50 after the software developer agreed to acquire Laser Soft Infosystems Ltd., a provider of information-technology services to the banks, for about Rs 52 crore ($11.30 million).

Reliance Industries Limited climbed 0.1% to Rs 2,182.00 and the company said it is in advanced talks to acquire refinery and petrochemical units in the United States and Europe and could finalize a deal by the end of this year.

SpiceJet rose 1.7% to Rs 38 after trading on the speculation that the airline will add international routes next year.

UltraTech Cement Limited rose 4.1% to Rs 844.75 ahead of earnings.

United Spirits Limited rose 6.4% to Rs 981.20 after the company completed the sale of $350 million of its shares to investors in Europe in an offering managed by Citigroup, CLSA India and Morgan Stanley and UBS.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 178.44 or 1.77% to 10,238.65, Hang Seng index in Hong Kong increased 112.60 or 0.51% to 21,999.08, and CSI 300 index in China higher 12.24 or 0.38% to 3,239.64. ASX 200 index in Australia increased 28.80 or 0.60% to 4,859.90. The FTSE Bursa KL Composite index in Malaysia was higher 0.02 or 0.00% to 1,246.86.

The Kospi Index in South Korea increased 9.90 or 0.60% to close at 1,658.99 SET index in Thailand closed lower 38.75 or 5.30% to 692.72. JSE Index in Indonesia increased 3.66 or 0.15% to 2,515.38. The Sensex index in India decreased 35.91 or 0.21% to 17,195.20.