Software Services Stocks Lead Gainers in India

Mayank Mehta
17 Nov, 2009
New York City

Stocks in Mumbai traded higher. Amtek Auto jumps 14% after it repurchased bonds. Jaiprakash Associates plans to sell 60 million shares in its subsidiary. Tata Steel plans to increase iron ore output.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded higher. Amtek Auto jumps 14% after it repurchased bonds. Jaiprakash Associates plans to sell 60 million shares in its subsidiary. Tata Steel plans to increase iron ore output.[/R]

Software services providers surged in trading and lifted the sentiment in the broader market in India.

The Sensex index in India increased 18.14 or 0.1% to 17,050.65 and CNX Nifty index rose 4.20 or 0.08% to 5,062.25. Among the Sensex 30 stocks, 15 rose and 15 fell.

On BSE trading, 1,322 stocks advanced, 1,387 declined and 90 were unchanged. Realty stocks fell, but IT stocks rose Banking stocks reversed intraday losses.

Rupee edged higher 8 paisa to 46.13 against one dollar.

Gainers & Losers

Amtek Auto Limited added 2.9% to Rs 200.50 has repurchased and cancelled foreign currency convertible bonds of $9.5 million at a discount.

Anant Raj Industries Limited fell 2.2% to Rs 138.60 and a block of 10 lakh shares (1 million) was sold at Rs 136 per share.

Bharat Forge Limited rose 1.4% to Rs 274.65 and the engineering company is looking to expand power sector with an investment of up to Rs 50,000 crore and a targeted generation capacity of up to 10,000 mw, over the next ten years.

Cambridge Technology Enterprises Limited added 5.7% to Rs 27.50 an information technology services provider said that its board of directors` meeting held on Nov 11 has approved to raise funds up to Rs 25 crore.

Gennex Laboratories Limited surged 9.8% to Rs 22.40 after the company fixed December 15 as the date for a 10-for-1 stock split.

Goa Carbon Limited rose 2.7% to Rs 93.35 and in the maker of calcined petroleum coke one of the promoters increased stake in the firm.

HT Media Limited fell 3.9% to Rs 138.00 on profit taking after the stock surged over 11% in the preceding two trading sessions.

Jaiprakash Associates Limited dropped 0.6% to Rs 232.95 after the diversified infrastructural industrial conglomerate said on Monday it plans to sell 60 million shares in its Jaypee Infratech unit, which is building a 165 km expressway in north India.

Jaihind Projects Limited rose 1.2% to Rs 138.80 after the company provides engineering procurement and construction services in oil and gas said that it has been awarded order of Rs 14.05 crore from Bharat Petroleum Corporation.

K.M. Sugar Mills Ltd rose 4.9% to Rs 27.60 after one of the promoter group companies increased stake in the firm.

Larsen & Toubro Limited decreased 0.4% to Rs 1,642.50 and L&T Power Development, a unit of the company is the lowest bidder for project to build and run a 1,320 MW thermal power plant in Punjab.

Omnitech InfoSolutions Limited fell 0.2% to Rs 117.00.

Reliance Industries Limited fell 1.2% to Rs 2,120.00 and Chairman Mukesh Ambani said that the company will be debt free in two years and is planning for an international expansion and aims to be one of the three largest energy explorers in the world.

State Bank of India rose 0.2% to Rs 2,351.25.

Tata Steel Limited slipped 0.3% to Rs 533.10 said will invest about 11 billion rupees ($238 million) to raise its annual domestic iron ore production by 55% to 17 million tons over two years, the Business Standard reported on Tuesday.

TAKE Solutions Limited surged 19.9% to Rs 36.10 an international business technology company on signing a deal for its PharmaReady solution with domestic Wanbury.

Zuari Industries Limited climbed 1.1% to Rs 395.00 after the fertilizers and seeds maker expects to spend between $800 million and 900 million (Rs 3,688 crore and 4,149 crore) to build a gas-based factory in Karnataka with a capacity to produce 1 million tons of urea a year.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 61.25 or 0.63% to 9,729.93, and Hang Seng index in Hong Kong decreased 29.83 or 0.13% to 22,914.15, and CSI 300 index in China higher 2.56 or 0.07% to 3,628.35. ASX 200 index in Australia decreased 25.80 or 0.54% to 4,729.40. The FTSE Bursa KL Composite index in Malaysia was higher 1.64 or 0.13% to 1,279.95.

The Kospi Index in South Korea decreased 6.49 or 0.41% to close at 1,585.98. SET index in Thailand closed lower 0.20 or 0.03% to 706.55. JSE Index in Indonesia increased 5.11 or 0.21% to 2,473.79. The Sensex index in India increased 18.14 or 0.11% to 17,050.65.