Exchages in India Delay New Hours; HCC Gains

Mayank Mehta
17 Dec, 2009
New York City

Mumbai benchmark indexes trade volatile as banks decline and software exporters rise. Rupee edged lower. Exchanges delay their earlier opening hours as brokers and support staff protest. HCC and Pratibha Industries secure large construction orders.

[R]6:00 PM Mumbai, 8:30 AM New York – Mumbai benchmark indexes trade volatile as banks decline and software exporters rise. Rupee edged lower. Exchanges delay their earlier opening hours as brokers and support staff protest. HCC and Pratibha Industries secure large construction orders.[/R]

Stocks in a volatile trading closed lower. Investors focused on the banks and financial services after banks in Asia declined. Basel, Switzerland based international regulatory committee is expected to ask banks to raise more capital, cut employee bonus and dividends.

The Sensex index in India decreased 18.52 or 0.1% to 16,894.25 and CNX Nifty index fell 0.30 or 0.01% to 5,041.75. Among the Sensex 30 stocks, 16 rose and 14 fell.

On BSE trading, 1,619 stocks advanced, 1,181 declined and 82 were unchanged.

Realty and capital goods stocks fell. But, IT stocks rose on a weak rupee. Reliance Industries declined at close.

The food price index surged 19.9% in the year to December 5, government data released today showed. The fuel price index rose 3.9% and primary articles index rose 14.9%.

Mobile telecom shares fell after the latest entrant in the industry, Sistema Shyam Teleservices extended the tariff war.

Rupee edged lower 7 paisa to 46.94 against one dollar.

National Stock Exchange and The Bombay Stock Exchange delayed their proposed earlier trading opening after brokers resisted. The Association of National Exchanges Members plans to meet on December 20 to communicate their decision regarding the earlier opening.

BSE is controlled partially by Deutsche Boerse AG and Singapore Exchange Ltd and NSE by the NYSE Euronext and Goldman Sachs Group are pushing exchanges to increase trading volumes of derivatives from international clients in Singapore and Hong Kong.

Several brokers and a majority of support staff commute more than 2 hours every day to work at the exchanges or brokerage offices are resisting the calls for longer hours and earlier commute.

Gainers & Losers

Aurobindo Pharma Limited climbed 1.1% to Rs 889.55 said Thursday it has received the U.S. Food and Drug Administration''s final approval for generic cetirizine hydrochloride syrup, used for treating allergic rhinitis.

Diamant Investment and Finance Limited the road builder and contractor advanced 4.9% to Rs 102.10.

Easun Reyrolle Ltd the electrical power management systems provider gained 6.2% to Rs 99.40.

Gateway Distriparks Ltd gained 3.9% to Rs 132.00 after the container, rail and cold chain logistics company said that the company and its subsidiary, Snowman Frozen Foods Ltd. on December 17 have executed a sale of shares to International Finance Corporation for Rs 24.89 crore rupees.

Gemini Communication Ltd increased 4.9% to Rs 40.00 said that the company and its subsidiary have won Rs 435 crore contract from Bharat Sanchar Nigam Limited to deploy WiMax network and equipment.

Hindustan Construction Company Limited added 2.4% to Rs 140.35 has won a contract worth Rs 317.92 crore for building an elevated road corridor from Park Circus to EM Bypass near Parama Island from Kolkata Metropolitan Development Authority.

Kanoria Chemicals & Industries Limited increased 5.7% to Rs 33.80 after the maker of chemical intermediates said that the board will meet on December 19 to consider rights offering.

KEC International Limited rose 3.1% to Rs 585.20 after the power transmission engineering company secured orders totaling Rs 550 crore in Algeria and Abu Dhabi, UAE. The company has secured five projects worth Rs 474 crore in Algeria, which have to be completed in 12-18 months.

KRBL Limited dropped 0.4% to Rs 196.50 and the rice company said it plans to split its stock.

Pratibha Industries Limited advanced 2.6% to Rs 284.60 after the company won an order worth Rs 130 crore for a water supply scheme from the Haryana Urban Development Authority.

Tata Steel Limited rose 1.1% to Rs 563.85 after the company''s European unit Corus secured a €350 million contract to supply rails tracks to the French railroad operator SNCF.

Wipro Limited rose 0.4% to Rs 674.70, Tata Consultancy gained 1.4% to Rs 722.75 and Infosys Technologies added 0.6% to Rs 2,559.

Wockhardt Limited fell 0.3% to Rs 169.50 after the pharmaceutical company received final approval from the U.S. regulatory agency for Ranitidine Hydrochloride in the tablet form strength of EQ 150 mg Base.