Sensex In India Turn Postive in 2010

123jump.com Staff
17 Mar, 2010
New York City

The Sensex gain of 0.6% lifted the benchmark index in India in the positive zone after dropping nearly 10% in the year. Larsen & Toubro received $250 million order from ONGC. Jaiprakash Associates expects cement business to grow 40% in the next fiscal year.

[R]6:00 PM Mumbai, 8:30 AM New York – The Sensex gain of 0.6% lifted the benchmark index in India in the positive zone after dropping nearly 10% in the year. Larsen & Toubro received $250 million order from ONGC. Jaiprakash Associates expects cement business to grow 40% in the next fiscal year.[/R]

The Sensex index in India increased 106.90 or 0.61% to 17,490.08 and CNX Nifty index rose 33.80 or 0.65% to 5,231.90. Among the Sensex 30 stocks, 22 rose and 8 fell.

On BSE trading, 1,248 stocks advanced, 1,586 declined and 93 were unchanged. Resource stocks rose on the gains in international prices in metal and realtors fell.

The Finance Minister has assumed a modest GDP of about 8% and inflation of about 4.5% for 2010-2011.

The Reserve Bank of India should consider carefully returning to normal monetary policy, Montek Singh Ahluwalia, deputy chairman of India''s Planning Commission, said on Wednesday. He added that headline inflation is expected to come down over the next two months.

Rupee edged higher 15 paisa to 45.43 against one dollar.

Gainers & Losers

Ashok Leyland fell 0.4% to Rs 52.90 after the commercial vehicles maker and Renault-Nissan alliance is in talks with the company for a passenger car project, Chief Executive Carlos Ghosn said on Tuesday.

Bharti Airtel Ltd gained 1% to Rs 298.05 as the company inch closer to finalize its loan terms for $8.5 billion to acquire African telecom assets of Kuwait based Zain as early as next Monday, according to 123jump.com sources.

Dishman Pharmaceuticals and Chemicals Limited rose 0.3% to Rs 217.50 after the company announced that its Bavla facilities received Australian regulatory approvals for pharmaceutical production.

IVRCL Infrastructures & Projects Limited rose 1.7% to Rs 341.35 ahead of the record date of the one-to-one bonus issue.

Jaiprakash Associates Limited added 1.2% to Rs 150.10 after the company expects its cement business to grow by about 40% in the next fiscal year beginning April, Executive Chairman Manoj Gaur told news channel CNBC-TV18 today.

Kajaria Ceramics Limited rose 1.0% to Rs 58.00 and the board approved tile manufacturing facility with an estimated cost of Rs 125 crore at its existing location at Gailpur, Rajasthan.

Larsen & Toubro Limited rose 1.5% to Rs 1,622.25 after the company secured a Rs 1,013 crore project from Oil & Natural Gas Corporation.

Nitin Fire Protection Industries Limited fell 0.1% to Rs 362.85 after the company received an order of $3.5 million.

Reliance Industries Limited added 0.2% to Rs 1,069.10 after the company is bidding for a joint venture with Atlas Energy to develop the Marcellus Shale oil and gas fields spread between West Virginia and Pennsylvania states in the U.S.

Reliance MediaWorks Limited rose 1.3% to Rs 223.60 after the company signed a pact with Japan''s Imagica Corp to provide next generation services to Japanese film makers and broadcasters.

Steel Strips Wheels Limited gained 5.3% to Rs 111.35 after the automotive wheel rims maker secured an export order.

Subhash Projects and Marketing Limited rose 1.0% to Rs 141.95 after the company secured two orders of Rs 475.34 crore.

Tata Consultancy Services Limited rose 1.2% to Rs 836.35 after the company paid for fourth quarter Rs 178 crore as advance tax compared with Rs 53 crore a year ago.

Transport Corporation of India Limited fell 3.0% to Rs 109.70 on profit taking after the stock surged 22.11% in the two of the last three sessions.