Stocks in India Decline; NTPC Stake Sale

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

Stocks in India declined on the worries that the government is facing a challenge to control food price inflation. GMR is in talks with Singapore based Temasek to raise $150 million for its power project. India hopes to collect $5 billion from its stake sale in NTPC.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in India declined on the worries that the government is facing a challenge to control food price inflation. GMR is in talks with Singapore based Temasek to raise $150 million for its power project. India hopes to collect $5 billion from its stake sale in NTPC.[/R]

The Sensex index in India decreased 220.39 or 1.2% to 16,877.16 and CNX Nifty index fell 72.65 or 1.4% to 5,033.05. Among the Sensex 30 stocks, 6 rose and 24 fell.

On BSE trading, 804 stocks advanced, 2,035 declined and 68 were unchanged.

The Bombay Stock Exchange said it will advance trading hours by 10 minutes from December 18. Trading in the equity and equity derivatives segment will begin at from 9:45 am but the market will still close at 3:30 pm.

The government has approved the trading hours between 9:00 am and 5:00 pm but exchanges and market participants are not prepared to increase trading to eight hours.

The BSE advanced the trading hours to give more time brokers in Hong Kong and Singapore. Markets in both locations take mid-day break at 12:30 pm which coincides with the current opening time in Mumbai.

Auto and capital goods fell and market leader Reliance Industries reversed initial gains.

The initial public offer of DB Corp, India''s second largest regional newspaper, was over-subscribed 39.38 times on the last day of issue today. The company has set a price band of Rs 185 and Rs 212 a share.

Rupee edged higher 12 paisa to 46.60 against one dollar.

Gainers & Losers

Bank of India dropped 2.0% to Rs 374.05 after the state-run bank has paid lower advance tax of Rs 102 crore in the third quarter of fiscal year ended March 2010 as compared with Rs 370 crore in the same period last year.

DCM Shriram Consolidated Limited slipped 1.5% to Rs 53.00 said along with its subsidiary DCM Shriram Credit And Investments sold their entire 100% stake in DSCL Energy Services company to Dalkia ( India) for Rs 5.88 crore. The 17,82,200 shares of Rs 10 each were sold at a premium of Rs 23.00 per share.

Gammon India Limited fell 2.5% to Rs 226.25 after the civil engineering construction company said overseas unit SAE Powerlines S.r.l., Italy, secured a 220 kilovolt transmission line turnkey contract aggregating $22.5 million in Algeria.

Geometric Limited increased 3.1% to Rs 71.50 after the company launched a new version of its product GeomCaliper.

GMR Infrastructure Limited decreased 0.5% to Rs 68.30 after the conglomerate is in advanced talks with Singapore investment firm Temasek to raise $150 million by selling shares in its power unit according to local media reports.

Golden Tobacco Ltd rose 4.9% to Rs 110.85 after the company scheduled a board meet on December 21 to consider development of properties.

ICICI Bank Limited fell 2.9% to Rs 825.30 after the private sector bank has paid lower advance tax of Rs 301 crore in the third quarter of fiscal year ended March 2010 as compared with Rs 625 crore in the same period last year.

Jaihind Projects Limited dropped 0.7% to Rs 139.00.

Mahindra & Mahindra Limited fell 0.6% to Rs 1,031.05 after the utility vehicles and tractor maker, said on Tuesday it had acquired majority stake in two Australian aerospace companies for 1.75 billion rupees or $37.5 million.

NTPC Limited rose 0.4% to Rs 208.75 after the thermal power generator said the government has set an ambitious target to collect Rs 11,000 crore from the proposed divestment of 5% stake in utility giant as against the original target of around Rs 8,200 crore.

Nucleus Software Exports Limited decreased 2.8% to Rs 133.40.

Pratibha Industries Limited advanced 1.9% to Rs 279.35 secured a contract of Rs 104.20 crore from Municipal Corporation of Delhi.

Royal Orchid Hotels Limited fell 0.7% to Rs 75.90 and it has commenced the operations of its new hotel, Royal Orchid Central, at Ahmedabad.

Suven Life Sciences Limited added 2.8% to Rs 30.70 after the company secured two Canadian patents on new chemical entities for treating disorders associated with Neurodegenerative diseases.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 22.20 or 0.22% to 10,083.48, and Hang Seng index in Hong Kong decreased 271.83 or 1.23% to 21,813.92, and CSI 300 index in China lower 29.41 or 0.81% to 3,583.34. ASX 200 index in Australia increased 19.50 or 0.42% to 4,673.50. The FTSE Bursa KL Composite index in Malaysia was higher 5.36 or 0.42% to 1,270.81.

The Kospi Index in South Korea increased 1.08 or 0.06% to close at 1,665.85. SET index in Thailand closed lower 0.10 or 0.01% to 709.64. JSE Index in Indonesia decreased 11.65 or 0.46% to 2,494.74. The Sensex index in India decreased 220.39 or 1.29% to 16,877.16.