India Controlled NMDC, MMTC Soar

Mayank Mehta
06 Nov, 2009
New York City

Government controlled companies surged in Mumbai trading after finance minister indicated stakes sale to fund social programs. Rupee edged higher as international investors commit more capital to stock market. ITI soars on a speculation of a joint venture with Intel.

[R]6:00 PM Mumbai, 8:30 AM New York – Government controlled companies surged in Mumbai trading after finance minister indicated stakes sale to fund social programs. Rupee edged higher as international investors commit more capital to stock market. ITI soars on a speculation of a joint venture with Intel.[/R]

Government controlled companies surged in Mumbai trading after Home Minister P Chidambaram told reporters that funds raised in sale will support social program and infrastructure development.

MMTC Ltd surged 20% to Rs 36,146.85, State Trading Corporation soared 15% to Rs 353.60 and NMDC Ltd advanced added 10% to Rs 338. Rashtriya Chemicals & Fertilizers galloped 12% to Rs 73.50.

The Sensex index in India increased 94.38 or 0.5% to 16,158.28 and CNX Nifty index rose 30.60 or 0.6% to 4,796.15. Among the Sensex 30 stocks, 11 declined and 19 rose.

On BSE trading, 1,934 stocks advanced, 782 declined and 62 were unchanged.

Rupee edged higher 25 paisa to 46.75 against one dollar as international investors commit more funds to stocks and exporters repatriate higher earnings.

Gainers & Losers

Asian Paints Limited advanced 0.3% to Rs 1,686.00 said one of the promoter group companies revoked a small portion of shares it had pledged earlier.

Aurobindo Pharma Limited rose 2.2% to Rs 826.00 said Friday it has received the final approval from the U.S Food and Drug Administration for selling a generic version of the epilepsy drug, lamotrigine.

Fedders Lloyd Corporation rose 4.9% to Rs 69.05 after the refrigeration company secured an export order worth $10.9 million (Rs 52 crore) from Ethiopian Electric Corporation, Ethiopia.

Garware Offshore Services Limited increased 2.2% to Rs 152.40 and the company secured to two year contract for one of its vessel at annual rate of 22.5 crore rupees.

Idea Cellular Limited declined 6.0% to Rs 50.25 after analysts lowered their outlooks on the company and Morgan Stanley analyst cut the price target to Rs 43 from Rs 71.

ITI Limited increased 7.3% to Rs 41.55 after the telecom related technology maker is exploring a joint venture with Intel.

IFCI Limited advanced 3.7% to Rs 51.80 and the project consultant is among the three companies short listed for a government privatization contract.

Jyoti Structures Limited the power transmission structures maker climbed 1.2% to Rs 143.00.

Mahindra & Mahindra Limited rose 1.2% to Rs 973.00 after the sale of automobiles maker plans to launch a motorcycle next year, a senior company official said.

Maruti Suzuki India Limited fell 0.4% to Rs 1,482.55 and international investors increase stake in the largest automaker.

Mangalam Timber Products Ltd the maker of fiber board rose 7.2% to Rs 27.25.

National Aluminium Company Limited added 2.8% to Rs 379.15 and the aluminum smelter raised the prices of aluminum products by Rs1000 per ton.

Rico Auto Industries Limited rose 4.8% to Rs 22.85.

State Bank of India increased 3.0% to Rs 2,204.20 and lowered deposit rates between 25 and 50 basis points on amounts less than Rs 1 crore effective Nov 9.

Tata Steel Limited added 3.8% to Rs 503.50 said ferro-chrome output in India is expected to fall 18% for the year ending March 31, 2010, due to lower demand and prices.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed higher 71.91 or 0.74% to 9,789.35, and Hang Seng index in Hong Kong increased 350.64 or 1.63% to 21,829.72, and CSI 300 index in China higher 18.70 or 0.54% to 3,483.02. ASX 200 index in Australia increased 86.00 or 1.91% to 4,594.00. The FTSE Bursa KL Composite index in Malaysia was higher 6.80 or 0.54% to 1,260.76.

The Kospi Index in South Korea increased 20.22 or 1.30% to close at 1,572.46. SET index in Thailand closed higher 16.72 or 2.45% to 698.63. JSE Index in Indonesia increased 27.89 or 1.18% to 2,395.11. The Sensex index in India increased 94.38 or 0.59% to 16,158.28.