India Stocks Cut Losses; Cox & King IPO

Mayank Mehta
18 Nov, 2009
New York City

Stocks in Mumbai cut their losses after an assurance from the Finance minister Mukherjee that the economy can handle the rising international capital flows. Reliance Industries sets bonus date. Cox & King IPO receives 60% subscription on the first day.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai cut their losses after an assurance from the Finance minister Mukherjee that the economy can handle the rising international capital flows. Reliance Industries sets bonus date. Cox & King IPO receives 60% subscription on the first day.[/R]

The Sensex index in India decreased 51.87 or 0.3% to 16,998.78 and CNX Nifty index fell 7.55 or 0.1% to 5,054.70. Among the Sensex 30 stocks, 12 rose and 18 fell.

On BSE trading, 1,591 stocks advanced, 1,163 declined and 81 were unchanged.

Metal stocks rose. But capital goods and banking stocks fell. The market cut losses in early afternoon trade after Finance Minster Pranab Mukherjee said the current higher capital inflows are not a matter of concern.

The initial public offer of Cox & Kings, a global tour operator, was subscribed 60% on the first day of bidding today. The price band is fixed between Rs316 and Rs330 per share and the issue will close for subscription on November 20.

Rupee edged lower 9 paisa to 46.30 against one dollar.

Gainers & Losers

Aban Offshore Limited climbed 1.9% to Rs 1,367.00 after the oil field services has raised Rs 697.50 crore by selling new shares to institutions at Rs 1,224.30 each.

BOC India Limited increased 6.5% to Rs 177.50 after the gases and related products said the company has secured four new orders from photo voltaic manufacturers for supply of gas.

Exide Industries Limited fell 5.6% to Rs 112.65 after the manufacturing storage batteries said that its board of directors has approved the issue of 5 crore equity shares and/or any securities convertible into equity shares, with or without warrants, to qualified institutional buyers through qualified institutional placement.

Glenmark Pharmaceuticals Limited gained 1.3% to Rs 245.55 has signed an agreement with Medicis Pharmaceutical Corporation to co-develop for the treatment of acne vulgaris.

IRB Infrastructure Developers Ltd rose 1.9% to Rs 276.70 after one of the promoters increased his stake in the firm.

JK Lakshmi Cement Ltd climbed 1.3% to Rs 125.00 said it will invest Rs. 1,200 crore to set up a plant at Durg, Chhattisgarh that will increase the company’s total production capacity by over 50%.

Lloyd Electric & Engineering Limited rose 1.6% to Rs 55.30 after a wholly owned subsidiary of the company signed a pact with Czech-based Janka Radotin a.s. for acquisition of assets with trademarks and brands.

Mukand Limited the manufacturer of alloy and stainless steel products rose 6.7% to Rs 57.20.

Omaxe Limited the real estate developer increased 0.7% to Rs 101.65.

Pratibha Industries Limited surged 10.9% to Rs 246.00 after the water treatment plants said it secured a contract worth Rs 294.30 crore.

Reliance Industries Limited decreased 0.8% to Rs 2,116.10 after the company set November 27 as a date to issue1-to-1 bonus.

Redington (India) Limited rose 3.5% to Rs 316.00.

Steel Authority of India Limited rose 1.5% to 189.85 after the steel making company is looking to acquire coking coal mines abroad to secure stable supplies at a constant price.

Sunflag Iron and Steel Company Limited advanced 2.1% to Rs 25.90 after one of the promoters increased his stake in the firm.

Tata Motors Limited rose 1.8% to Rs 645.90 has raised Rs 264 crore ($56.8 million) through its revised fixed-deposit scheme, launched in August, the Business Standard reported on its Web site, citing a spokesperson for the company.

Valecha Engineering Limited decreased 1.9% to Rs 120.35 secured two new road projects worth Rs 110 crore in Himachal Pradesh funded by Asian Development Bank.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 53.13 or 0.55% to 9,676.80, and Hang Seng index in Hong Kong decreased 73.82 or 0.32% to 22,840.33, and CSI 300 index in China higher 1.88 or 0.05% to 3,630.23. ASX 200 index in Australia increased 9.60 or 0.20% to 4,739.00. The FTSE Bursa KL Composite index in Malaysia was lower 4.85 or 0.38% to 1,275.10.

The Kospi Index in South Korea increased 17.99 or 1.13% to close at 1,603.97. SET index in Thailand closed higher 0.71 or 0.10% to 707.26. JSE Index in Indonesia increased 10.44 or 0.42% to 2,484.23. The Sensex index in India decreased 51.87 or 0.30% to 16,998.78.