Sensex in India Declines; Rupee Falls

Mayank Mehta
07 Dec, 2009
New York City

Stocks in Mumbai traded lower after rupee weakened and gold prices edged lower. Edserv Softsystems Ltd plans to raise $25 million. GVK Power acquires 17% stake in Bangalore airport project from Larsen Toubro. Dr Reddys Lab falls.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded lower after rupee weakened and gold prices edged lower. Edserv Softsystems Ltd plans to raise $25 million. GVK Power acquires 17% stake in Banglore airport project from Larsen Toubro. Dr Reddy''s Lab falls.[/R]

The Sensex index in India decreased 118.40 or 0.6% to 16,983.14 and CNX Nifty index fell 42.20 or 0.8% to 5,066.70. Among the Sensex 30 stocks, 10 rose and 20 fell.

On BSE trading, 1,315 stocks advanced, 1,461 declined and 85 were unchanged. Banking, auto and realty stocks also fell.

Oil Ministry said today that it has sought Rs 20,000 crore oil worth of bonds from the finance ministry.

Rupee edged lower 31 paisa to 46.59 against one dollar.

Gainers & Losers

ABB Limited fell 0.06% to Rs 732.00 after the solutions and services in areas of automation and power technology said that it has won an order worth Rs 506 crore from Bangalore Metro Rail Corporation Limited to provide power solutions.

Adhunik Metaliks Limited increased 6.6% to Rs 103.00 said that it has received final approval from Ministry of Environment & Forests, Government of India for diversion of forest land in village-Deojhar, Kulum and Mahadebnas of Barbil Tahasil in Keonjhar district of Orissa for mining of iron ore.

The Bank of Rajasthan Ltd rose 3.1% to Rs 79.35 said the company has approved the sale of stocks and raise up to Rs 250 crores.

EdServ Softsystems Limited added 4.9% to Rs 226.15 after the education company has planned to raise $25 million through a sale of stocks and bonds.

GVK Power & Infrastructure Limited fell 1.6% to Rs 51.00 has bought engineering and construction company Larsen & Toubro Limited''s 17% stake in Bangalore International Airport for Rs 686 crore.

Indian Oil Corporation Limited rose 1.2% to Rs 314.05 after the company aims to increase its Haldia refinery capacity by 25% to 150,000 barrels a day by mid-January 2010.

International Conveyors Limited advanced 5.0% to Rs 779.70 after the maker of polyvinyl chloride conveyor belt solutions said the company set December 11 as a date to split its stocks 10-to-1 and 1-to-1 bonus issue.

Poly Medicure Limited decreased 3.4% to Rs 143.00 after the company''s safety intravenous catheters were seized in Dusseldorf, Germany.

Dr. Reddy’s Laboratories Limited fell 2.1% to Rs 1,097.40 after the pharmaceutical company said its American depository receipt declined 2.7% to $23.89 on the New York Stock Exchange on Friday, December 4.

Reliance Industries Limited fell 2.9% to Rs 1,057.45 today said the bonus shares allotted by the company last month have been listed on stock exchanges and will trade from tomorrow.

Speciality Papers Limited declined 8.3% to Rs 21.35.

State Bank of Mysore rose 0.7% to Rs 713.00 and the bank extended its two 8% home loan schemes till March 31 from Nov 30.

Suzlon Energy Limited increased 4.5% to Rs 82.85 after German firm REpower, in which company holds 91% stake, has signed an agreement with US-based enXco to supply 70 turbines for a wind farm project by 2011.

Unichem Laboratories Limited closed unchanged at Rs 283.65 after the pharmaceutical company said that its wholly owned subsidiary Niche Generics has received marketing authorizations for `Anastrozole` tablet for a number of markets within European Union.

Volkswagen AG plans to double its staff to 2,500 by the end of the next year as it launches a new hatchback car to compete with Maruti Suzuki and Honda. The company plans to introduce Polo brand hatchback vehicle and assemble at Chakan plant near Pune in Maharashtra according to comments to an interview with Bloomberg News with Ulrick Proske, chief of finance of its India division.