Mumbai Stocks Higher; Mahindra, Renault Talks

123jump.com Staff
09 Feb, 2010
New York City

Stocks advanced in Mumbai after rally in emerging markets. Software exporters led the gainers. Cement makers lift prices. Renault and Mahindra are in joint venture restructuring talks after sales plunged for the second year in a row.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks advanced in Mumbai after rally in emerging markets. Software exporters led the gainers. Cement makers lift prices. Renault and Mahindra are in joint venture restructuring talks after sales plunged for the second year in a row.[/R]

Stocks in Mumbai trading rebounded and software exporters closed higher.

The Sensex index in India increased 106.57 or 0.67% to 16,042.18 and CNX Nifty index rose 32.25 or 0.68% to 4,792.65. Among the Sensex 30 stocks, 19 rose and 11 fell.

On BSE trading, 1,483 stocks advanced, 1,301 declined and 77 were unchanged.

Cement stocks surged on reports cement makers have raised prices effective from February 1. IT stocks gained as the leading three companies in the sector focus on expanding sales in Europe.

Reliance Industries recovered from day''s low after the company denied that it is looking to acquire a football franchise in U.K.

Rupee edged higher 6 paisa to 46.75 against one dollar.

Gainers & Losers

Goodyear India Limited surged 20.0% to Rs 223.50 after the automotive tires makers decided to delist the company from the Bombay Stock Exchange.

Jet Airways (India) Limited increased 1.9% to Rs 483.50 after the international passenger traffic surged 29.6% to 3.64 lakh in January.

Jyoti Structures Limited added 1.2% to Rs 168.00 after the engineering procurement and contractor plans to raise additional capital to expand the business.

Koutons Retail India Limited rose 1.0% to Rs 377.00 after the retailer plans to open 200 stores in fiscal year 2011 in addition to its existing 1,400, a senior official said on the sidelines of the Asia Retail Congress Summit.

Larsen & Toubro Limited rose 1.2% to Rs 1,460.00 after the company won orders for four electrical projects in India and the United Arab Emirates totaling Rs 582 crore.

Lupin Limited increased 3.2% to Rs 1,564.75 after the company announced that the US Food and Drug Administration granted final approval for its Amlodipine/Benazepril capsules.

Mahindra & Mahindra Ltd decreased 0.9% to Rs 991.20 after the company and France based Renault SA are looking to review their joint venture.

Renault will set up its independent dealer network in India. Sales of the sedan Logan produced by the joint venture dropped 64% in the nine months to December after declining 48% in the previous financial year ending in March.

Nagarjuna Construction Company Limited fell 0.1% to Rs 155.05 after the company announced that it has secured five orders of Rs 583 crore.

Pioneer Embroideries Limited gained 4.8% to Rs 19.55 and the company''s board meeting today to consider preferential issue of shares to promoters.

Dr. Reddy’s Laboratories Limited decreased 0.8% to Rs 1,107.00 after the pharmaceutical company said it has no plans to sell its stake to GlaxoSmithKline Plc, a UK-based pharmaceutical and healthcare company.

Sadbhav Engineering Limited rose 0.3% to Rs 1,212.50 after the company secured a road contract of Rs 1,225 crore.

Steel Authority of India Limited rose 2.2% to Rs 208.95 after the steel producer is likely to issue bonus shares prior to the company’s follow-on public offer.

Strides Arcolab Limited gained 5.9% to Rs 290.50 after company received U.S. regulatory approval for both branded and generic products of Labetalol Hydrochloride (HCI) injections.

Subex Limited surged 9.0% to Rs 65.75 after the global provider of operations support system solutions for telecom applications announced that it is raising up to Rs 48 crore through a preferential placement with an investment company controlled by the promoters at Rs 80 a share.