India Stocks Rebound; Satyam, TCS Contracts

123jump.com Staff
04 Nov, 2009
New York City

Stocks in Mumbai trading closed sharply higher after Finance Minister Mukherjee reiterated that economic stimulus will not be withdrawn. Jaiprakash Associates surged more than 9%. Tata Consultancy and Satyam Computer Services gained on the win of outsourcing contracts in Europe.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai trading closed sharply higher after Finance Minister Mukherjee reiterated that economic stimulus will not be withdrawn. Jaiprakash Associates surged more than 9%. Tata Consultancy and Satyam Computer Services gained on the win of outsourcing contracts in Europe.[/R]

India stocks rebounded sharply after global markets recovered and Asian markets rallied. Markets advanced in the morning after Finance Minister Pranab Mukherjee reiterated that the government is not looking to withdraw economic stimulus in the near future.

The Sensex index in India increased 507.19 or 3.2% to 15,912.13 and CNX Nifty index rose 146.90 or 3.2% to 4,710.80. Among the Sensex 30 stocks, 3 declined and 27 rose.

On BSE trading, 1,791 stocks advanced, 983 declined and 58 were unchanged.

Rupee edged higher 22 paisa to 47.18 against one dollar.

Gainers & Losers

Ahluwalia Contracts (India) Ltd rose 4.0% to Rs 161.25 after the building contractor said its order book stands at Rs 4,870 crore with contracts maturing in two years.

Allied Digital Services Limited rose 1.7% to Rs 432.00 an information technology infrastructure management company approved the 152,200 stocks to grant to employees for its stock option plan.

Ashok Leyland rose 2.0% to Rs 47.15 after the manufacturing of commercial vehicles and related components said stepped up production to 6,011 vehicles in October, up 66.5% from 3,609 a year ago.

Aurobindo Pharma Limited rose 5.8% to Rs 794.00 completed the convertible bond offering of $60 million.

B.A.G Films & Media Ltd rose 9.4% to Rs 14.15 an integrated media company said the board approved $30 million capital offering in the international market.

Chambal Fertilisers and Chemicals Limited increased 2.8% to Rs 47.75 after one of the promoters increased its stake in the firm.

Educomp Solutions Limited rebounded 15.5% to Rs 825.05 after the education solutions provider had declined 24% in the last five trading days.

Hindalco Industries Limited advanced 8.5% to Rs 118.75, the aluminum and other metal smelter said second quarter net profit declined 52.2% to Rs 3,440.50 million compared to net profit of Rs 7,199.50 million a year ago.

Hindusthan National Glass & Industries Limited climbed 1.0% to Rs 672.00 and the company set November 13 as a date to split its stocks 2-to-1.

IVRCL Infrastructures & Projects Limited added 3.8% to Rs 351.50 said that the company in joint venture with Unity Infraprojects Ltd, secured orders of the value of Rs 1,145.88 crore to bore a tunnel in Mumbai awarded by the Mumbai Municipal Corporation.

Jaiprakash Associates Limited surged 9.2% to Rs 212.25 after the company said cement shipments in October rose 41.3% from a year earlier to 0.816 million tons.

JSW Steel Limited increased 6.0% to Rs 722.00 has reported 34% increase in crude steel production in October to 4.53 lakh tons.

Larsen & Toubro has advanced 2% and the company received as order of Rs 6,897 crore from Mahagenco.

Nucleus Software Exports Limited rose 0.7% to Rs 100.80 and the company selected a channel partner for distribution of its software products in Brazil.

Su-Raj Diamonds and Jewellery Limited added 2.7% to Rs 43.20.

Satyam Computer Services Ltd increased 4.4% to Rs 103.10 after it won $400 million defense management system contract from SAAB AB in Sweden.

Tata Consultancy Services Limited added 2.8% to Rs 624.70. The TCS, Wipro and Infosys are competing for a captive technology center for a U.S. based discount retailer Target. The company also won 15-year outsourcing contract from municipal government of Cardiff, Wales, UK .

Tata Communications Limited fell 1.2% to Rs 354.40.

Tata Motors Ltd increased 3.2% to Rs 570.20 after Ian Cullem, design direct of Jaguar Land Rover Ltd in an interview said that the company plans to build 25,000 Jaguar XJ beginning next quarter.

Titan Industries Limited increased 2.3% to Rs 1,300.10.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 41.36 or 0.42% to 9,844.31, and Hang Seng index in Hong Kong increased 374.71 or 1.76% to 21,614.77, and CSI 300 index in China higher 18.46 or 0.54% to 3,453.89. ASX 200 index in Australia increased 8.60 or 0.19% to 4,540.10. The FTSE Bursa KL Composite index in Malaysia was higher 11.52 or 0.93% to 1,253.84.

The Kospi Index in South Korea increased 30.01 or 1.94% to close at 1,579.93. SET index in Thailand closed higher 17.93 or 2.68% to 686.41. JSE Index in Indonesia increased 37.75 or 1.62% to 2,371.86. The Sensex index in India increased 507.19 or 3.29% to 15,912.13.