GTL Acquires Aircel Towers for $1.8 B in India

Mayank Mehta
15 Jan, 2010
New York City

A barrage of earnings drove market trading in Mumbai. Engineers India soars after government plans a stake sale of 10%. Maharashtra Seamless Ltd secures export orders. HDFC Bank net surges 32%. Tata Consultancy quarterly net soared 33%. GTL acquires for $1.8 billion Aircel tower assets.

[R]6:00 PM Mumbai, 8:30 AM New York – A barrage of earnings drove market trading in Mumbai. Engineers India soars after government plans a stake sale of 10%. Maharashtra Seamless Ltd secures export orders. HDFC Bank net surges 32%. Tata Consultancy quarterly net soared 33%. GTL acquires for $1.8 billion Aircel tower assets.[/R]

The Sensex index in India decreased 30.57 or 0.17% to 17,554.30 and CNX Nifty index fell 7.70 or 0.15% to 5,252.20. Among the Sensex 30 stocks, 12 rose and 18 fell.

On BSE trading, 1,414 stocks advanced, 1,511 declined and 66 were unchanged.

Capital goods stocks fell on profit taking, banking stocks rose on bargain hunting after losses in three days and auto stocks were mixed.

Rupee edged higher 2 paisa to 45.69 against one dollar.

Gainers & Losers

Axis Bank Limited added 1.5% to Rs 1,078.20 said third quarter total income rose 4.2% to Rs 3,871.74 crore from Rs 3,716.94 crore a year ago. Net profit for the quarter rose 31% to Rs 656 crore or Rs 15.98 per diluted share compared to net profit of Rs 501 crore or Rs 13.78 per share a year ago.

The Bombay Dyeing & Manufacturing Company Limited increased 6.2% to Rs 558.70 after the company said one of the promoter group companies revoked a portion of pledged shares.

GTL Infrastructure Limited dropped 2.2% to Rs 43.65 after the company announced that it has reached a definitive agreement to purchase the telecom tower business of Aircel Limited and its subsidiaries in an all cash deal valued at an enterprise value of Rs 8,400 crores. Stock yesterday had gained 14%.

D.S. Kulkarni Developers Ltd dropped 0.1% to Rs 75.60 after promoter pledges additional shares.

Engineers India Limited surged 20.0% to Rs 2,079.70 after the engineering company approved sale of a 10% stake in the state-run company.

Finolex Cables Limited dropped 6.3% to Rs 64.25 after the manufacturer of electrical and communication cables said third quarter sales rose 75% to Rs 413.5 crore from Rs 236 crore a year ago. Net profit for the quarter was Rs 12.3 crore compared to net loss of Rs 47.5 crore a year ago.

Hanung Toys and Textiles Limited added 3.3% to Rs 127.90 after the company signed export orders of $100 million or Rs 450 crores to be completed by December, 2012.

HDFC Bank Limited rose 0.2% to Rs 1,690.05 after the bank said third quarter revenues fell 10% to Rs 4,034.8 crore from Rs 4,468.5 crore a year ago. Net profit for the quarter rose 31.5% to Rs 818 crore compared to net profit of Rs 622 crore a year ago.

IndusInd Bank Ltd rose 3.8% to Rs 142.70 after the bank said third quarter net interest income rose 104% to Rs 237.70 crore from Rs 116.58 crore a year ago. Net profit for the quarter rose 95% to Rs 88.04 crore or Rs 2.15 per diluted share compared to net profit of Rs 45.06 crore or Rs 1.27 per share a year ago.

IDBI Bank Limited rose 0.7% to Rs 132.95 after the bank said third quarter sales rose 24% to Rs 4,007.8 crore from Rs 3,233.8 crore a year ago. Net profit for the quarter rose 29% to Rs 287.2 crore compared to net profit of Rs 222.6 crore a year ago.

Maharashtra Seamless Limited advanced 2.7% to Rs 374.00 after the steel pipes & tubes and wind power announced that it has secured export orders for 22000 for supply of seamless casing pipes.

Maruti Suzuki India Limited rose 0.7% to Rs 1,426.10 after the company plans to increase prices of its existing automobiles models.

NIIT Technologies Ltd rose 1.3% to Rs 186.80 after the global IT solutions organization said third quarter revenues fell 7% to Rs 230.1 crore from Rs 248.5 crore a year ago. Net profit for the quarter rose 110% to Rs 35.3 crore or Rs 6.01 per diluted share compared to net profit of Rs 16.8 crore or Rs 2.85 per share a year ago.

Shree Renuka Sugars Limited rose 1% to Rs 233.90 after the sugar company said first quarter sales rose 257% to Rs 1,428.7 crore from Rs 400.2 crore a year ago. Net profit for the quarter was Rs 260.9 crore compared to net profit of Rs 11 crore a year ago.

Shopper’s Stop Ltd increase after it agreed to pay Rs 12 crores to increase its stake in Hypercity according to Financial Chronicle.

Tata Metaliks Limited rose 2.0% to Rs 164.00 after the company reported third quarter net profit of Rs 17.56 crore compared to net loss of Rs 202.20 crore on a consolidated basis a year ago.

Tata Consultancy Services Limited rose 1.2% to Rs 791.80 an information technology company said third quarter sales rose 7.6% to Rs 7,648 crore from Rs 7,105 crore a year ago. Net profit for the quarter rose 34% to Rs 1,824 crore compared to net profit of Rs 1,362 crore a year ago.

UCO Bank increased 7.0% to Rs 59.40 after the bank said third quarter sales rose 12% to Rs 2,374.7 crore from Rs 2,125.9 crore a year ago. Net profit for the quarter rose 43% to Rs 245.8 crore compared to net profit of Rs 171.6 crore a year ago.