Godrej, JSW Energy IPOs in India

123jump.com Staff
09 Dec, 2009
New York City

Stocks in India traded lower but software services providers reached a new annual high. Standard Chartered Bank offered $1 billion of credit line to Essar Oil to fund its refinery purchase Europe. Godrej Properties initial offering is oversubscribed on the first day.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in India traded lower but software services providers reached a new annual high. Standard Chartered Bank offered $1 billion of credit line to Essar Oil to fund its refinery purchase Europe. Godrej Properties initial offering is oversubscribed on the first day.[/R]

Stocks in India edged lower after the government proposed to fund additional 30,000 crore rupees of spending. Investors worried that inflation may spike as the government increase spending.

The Sensex index in India decreased 102.46 or 0.5% to 17,125.22 and CNX Nifty index fell 35.95 or 0.7% to 5,112. Among the Sensex 30 stocks, 13 rose and 17 fell.

On BSE trading, 1,500 stocks advanced, 1,312 declined and 76 were unchanged.

Mumbai based realty firm Godrej Properties'' initial public offering was subscribed 1.23 times on the first day of the issue today. The price band is at Rs 490-530 per share and the issue is expected to close on Friday.

The initial public offering of JSW Energy was subscribed 1.65 times on the last day of issue today and the price band for the IPO was between Rs 100 and Rs 115.

Rupee edged lower 19 paisa to 46.86 against one dollar.

Gainers & Losers

Sri Adhikari Brothers Television Network Ltd climbed 2.8% to Rs 41.20 said that company is looking to expand operations and raise capital.

Alok Industries Limited the textile maker climbed 5.1% to Rs 22.55.

Assam Company Limited increased 8.1% to Rs 19.30 and the tea estate operator bought back foreign currency convertible bonds of $6.7 million at a discount.

Bajaj Auto Finance Limited slipped 0.4% to Rs 306.45.

Diamond Power Infrastructure Ltd rose 0.3% to Rs 169.90 after the company fixed December 17 for a 1:3 bonus issue.

Essar Oil Limited advanced 0.5% to Rs 144.75 after Standard Chartered Bank has extended a $1 billion (Rs 4,600 crore) line of credit to the company to part-finance its acquisition of Royal Dutch Shell’s refinery assets in Europe, according a TV news report broadcast on ET NOW.

Four Soft Limited surged 19.8% to Rs 28.10 after the custom software solutions developer secured an overseas order for one of its software products for an undisclosed sum.

HCL Technologies Limited added 1.2% to Rs 353.15 after the company secured a five-year multi-million pound deal from UK-based News International, a part of News Corporation, for providing technology infrastructure management.

ICICI Bank fell 1.9% to Rs 855.30 and launched a home-loan plan with 8.25% fixed interest rate for the first two years.

Kiri Dyes And Chemicals Limited increased 4.3% to Rs 686.00.

Maruti Suzuki India Limited rose 3.0% to Rs 1,617.30 after the after parent Suzuki Motor said Volkswagen will take a 19.9% stake.

Orient Abrasives Limited added 2.5% to Rs 25.75 after the alumina products maker is said the setting up a second 1.5 MW wind turbine project in Jodhpur, Rajasthan for generation of power.

Reliance Industries Limited slipped 0.6% to Rs 1,073.00 and the company said it has no plans to buy any debt of LyondellBasell Industries.

Suzlon Energy Limited fell 0.7% to Rs 84.35.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 135.75 or 1.34% to 10,004.72, and Hang Seng index in Hong Kong decreased 318.76 or 1.44% to 21,741.76, and CSI 300 index in China lower 69.54 or 1.92% to 3,554.48. ASX 200 index in Australia decreased 32.70 or 0.70% to 4,637.90. The FTSE Bursa KL Composite index in Malaysia was lower 5.70 or 0.45% to 1,255.76.

The Kospi Index in South Korea increased 6.39 or 0.39% to close at 1,634.17. SET index in Thailand closed lower 4.11 or 0.59% to 694.71. JSE Index in Indonesia decreased 2.59 or 0.10% to 2,481.30. The Sensex index in India decreased 102.46 or 0.59% to 17,125.22.