India Tax Revenues Ahead; Godrej IPO Up 9%

Mayank Mehta
05 Jan, 2010
New York City

The benchmark index in India increased after direct tax revenues in the first nine months are ahead of estimates and more automakers launch small cars in India. Commodities linked stocks also gained after metals prices gained. Godrej Properties on its first day of trading settled 9% higher.

[R]6:00 PM Mumbai, 8:30 AM New York – The benchmark index in India increased after direct tax revenues in the first nine months are ahead of estimates and more automakers launch small cars in India. Commodities linked stocks also gained after metals prices gained. Godrej Properties on its first day of trading settled 9% higher.[/R]

The benchmark index in India increased after direct tax revenues in the first nine months are ahead of estimates and more automakers launch small cars in India. Commodities linked stocks also gained after metals prices gained. Godrej Properties on its first day of trading settled 9% higher.

The Sensex index in India increased 127.51 or 0.7% to 17,686.24 and CNX Nifty index rose 45.70 or 0.8% to 5,277.90. Among the Sensex 30 stocks, 23 rose and 7 fell.

On BSE trading, 1,774 stocks advanced, 1,108 declined and 79 were unchanged.

Realty and banking stocks rose. Reliance Industries edged lower and Tata Motors and Maruti Suzuki India fell as more makers launch small car models.

Direct tax receipts in the first nine months of the current fiscal year to December rose 8.5% from a year earlier to Rs 2,50,000 crore, the finance ministry said today.

Godrej Properties settled at Rs 534.55, a premium of 9% from the initial public offer price of Rs 490 and traded as high as Rs 510. The company raised Rs 105 crore in a public offering.

Rupee edged higher 8 paisa to 46.22 against one dollar.

Gainers & Losers

Bharti Airtel Limited rose 1.3% to Rs 329.30 after the telecom regulator yesterday approved the $300 million initial investment proposal to buy a 70% stake in Warid, in Bangladesh.

FCS Software Solutions Limited fell 6.7% to Rs 14.55 after the company said its board will meet on January 11 to consider a bonus issue.

IVRCL Infrastructures & Projects Limited rose 0.6% to Rs 357.00 after the construction firm won orders of Rs 958 crore in transportation, water supply, irrigation and power sectors.

Jaiprakash Associates Limited rose 6.0% to Rs 163.05 after the infrastructure and industrial conglomerate said on Monday cement shipments in December rose 60% from a year earlier to 10.6 lakh tons.

JSW Steel Limited increased 9.2% to Rs 1,118.15 after the company plans to use 9% more iron ore in the next financial year as demand increases from automobile and construction companies.

Maruti Suzuki India Limited fell 2.2% to Rs 1,515.60 and the company plans to create a new segment with the launch of its new 7-seater family car, chief executive Shinzo Nakanishi was quoted as saying. The company showcased its new multi-purpose vehicle at the biennial auto show in New Delhi. The company also expects sales to increase to one million vehicles this year according to Nakanishi.

MIC Electronics Limited added 0.1% to Rs 47.50 after the manufacturing of light emitting diode video displays secured orders of Rs 14.15 crore.

National Aluminium Company Limited surged 14.8% to Rs 505.20 after it increased prices of rolled products by Rs 3,000 a ton and other product prices by Rs 1,000 a ton.

Nectar Lifesciences Limited advanced 1.7% to Rs 32.65 after the pharmaceuticals products maker said its board will meet on January 12 to consider raising funds.

Orchid Chemicals & Pharmaceuticals Limited added 1.2% to Rs 188.20 after the company said it has bought back foreign currency convertible bonds aggregating $19.78 million.

Prism Cement Limited rose 1.9% to Rs 51.60 after the cement producer said third quarter sales rose 7% to Rs 230 crore from Rs 215 crore a year ago. Net profit for the quarter rose 35% to Rs 42 crore compared to net profit of Rs 31.0 crore a year ago.

Dr. Reddy’s Laboratories Limited rose 2.8% to Rs 1,176.75 after the global pharmaceutical company said phase III clinical trial for its anti-diabetic molecule balaglitazone conducted by Danish firm Rheoscience had met target results.

Tantia Constructions Limited rose 1.7% to Rs 128.15 after the company secured an order of Rs 91.73 crore from Northern Railway, Delhi for construction works.

Sadbhav Engineering Limited gained 4.0% to Rs 1,264.00 after the company was selected to build four-lane highway of 80 kilometers from Rohtak to Panipat that may cost as much as Rs 1,350 crore.

Suzlon Energy Limited climbed 2.7% to Rs 92.40 and the company is in talks with private equity players like WL Ross & Company and BC Partners and raise up to $500 million.

Zylog Systems Limited fell 0.3% to Rs 366.40 after the company announced that a meeting of the board of directors of the company will be held on January 9, to consider an acquisition of a company in Canada.