Industrial Output Up in India; IPOs in Demand

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

Finance Minister Mukherjee said that government is likely to meet its tax revenue collection target for the current fiscal year on higher direct tax collection. The Lok Sabha approved additional $5.5 billion in spending. Industrial output jumped 10.3% in October.

[R]6:00 PM Mumbai, 8:30 AM New York – Finance Minister Mukherjee said that government is likely to meet its tax revenue collection target for the current fiscal year on higher direct tax collection. The Lok Sabha approved additional $5.5 billion in spending. Industrial output jumped 10.3% in October.[/R]

The Sensex index in India decreased 70.28 or 0.4% to 17,119.03 and CNX Nifty index fell 17.35 or 0.3% to 5,117.30. Among the Sensex 30 stocks, 7 rose and 23 fell.

On BSE trading, 1,072 stocks advanced, 1,765 declined and 73 were unchanged.

The economy will be affected by the weak monsoon in the September quarter, Finance Minister Pranab Mukherjee told parliament on Friday and further added that the government will meet its tax revenue collection target in the current fiscal year on higher direct tax collection and despite lower indirect tax revenues.

The Lok Sabha on Friday approved additional spending of 27,000 crore rupees for the fiscal year ending March 2010.

Industrial output jumped 10.3% in October 2009 from a year earlier, helped by stimulus measures and robust domestic demand, data released by the government at today.

The government will conduct the auction for 3G wireless spectrum as scheduled, Communications Minister Andimuthu Raja, said on Friday on January 14.

DB Corp, India''s regional newspaper publisher, was subscribed 0.66 times on the first day of issue today. The company has set a price band of Rs 185 and Rs 212 a share. The company also operates several FM radio stations and publishes DNA newspaper in partnership with Zee Network.

Godrej Properties'' initial public offering was subscribed 3.98 times on last day of the issue today. The price band is at Rs 490 and Rs 530 per share.

Rupee edged higher 7 paisa to 46.57 against one dollar.

Gainers & Losers

Andrew Yule & Co. Ltd gained 3.9% to Rs 58.75 after the engineering firm transferred its entire 26% holding in Phoenix Yule Ltd to Continental Contitech on Thursday for Rs 62.82 crore after receiving regulatory approval.

Bajaj Auto Limited advanced 5.1% to Rs 1,725.00.

Bharti Airtel Limited fell 3.2% to Rs 331.35 after advancing 21.83% in ten trading sessions.

Chambal Fertilisers and Chemicals Limited dropped 0.6% to Rs 60.05.

FCS Software Solutions Limited rose 6.7% to Rs 15.88 after it completed the sale of 1 crore or 10 million global depository shares priced at $2.41.

Jindal Steel & Power Limited gained 2.4% to Rs 748.10 is planning to raise up to Rs 10,000 crore through an initial public offering, the second largest offering in India.

Jubilant Organosys Limited rose 1.8% to Rs 342.45 on a broker comments.

Kiri Dyes And Chemicals Limited fell 3.3% to Rs 667.00.

KRBL Limited added 2.4% to Rs 192.65 after the agriculture and energy group said its board will meet on December 17 to consider stock-split.

Micro Inks Limited dropped 4.6% to Rs 600.20 after the company announced its plans to delist the stock.

Rain Commodities Limited dropped 3.2% to Rs 210.50 and Reliance Mutual Fund increased its stake in the company.

Reliance Communications Limited fell 0.4% to Rs 184.90 after the company won contracts of Rs 500 crore.

Reliance Infrastructure Limited rose 0.5% to Rs 1,068.40 and the company won Rs 1,000 crore road project from Gujarat.

Simplex Projects Limited slipped 3.0% to Rs 226.60.

Ushdev International Limited fell 3.0% to Rs 168.00 and the power company board is scheduled to meet on December 17 to approve plans to raise additional capital.

Vijay Shanthi Builders Limited rose 4.3% to Rs 41.10 and the company plans to launch its housing project and invest Rs 200 crore.

Western India Shipyard Limited gained 4.9% to Rs 11.74 after the company received an order to repair a deep water oil rig.