India: Patel Engineering, Polaris, Essar Oil

Mayank Mehta
26 Mar, 2010
New York City

Stocks in Mumbai trading closed higher for the third day in a row as investors focus on the quarterly earnings. Patel Engineering soars on a contract win of $1 billion in Mauritius. Essar Oil is planning to raise $1.7 billion. Polaris Software acquires a software company.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai trading closed higher for the third day in a row as investors focus on the quarterly earnings. Patel Engineering soars on a contract win of $1 billion in Mauritius. Essar Oil is planning to raise $1.7 billion. Polaris Software acquires a software company.[/R]

The Sensex index in India increased 85.91 or 0.49% to 17,644.76 and CNX Nifty index rose 21.60 or 0.41% to 5,282. Among the Sensex 30 stocks, 18 rose and 12 fell.

On BSE trading, 1,192 stocks advanced, 1,660 declined and 88 were unchanged. Reliance Industries trimmed gains in late trade. Metal, consumer durables, automakers and banks rose and IT stocks fell.

The Indian Meteorological Department issues a monsoon forecast, usually in the second half of April after considering weather observations in different parts of the world and extrapolating statistical data.

Rupee edged higher 5 paisa to 45.44 against one dollar.

Gainers & Losers

Albright & Wilson Chemicals India Ltd fell 0.5% to Rs 141.75 after the company reported fiscal 2009 net loss of Rs 20.57 crore compared with a net profit of Rs 13.76 crore a year ago.

Alembic Limited increased 3.0% to Rs 50.95 after the company generic drug tablet ropinirole hydrochloride received U.S. regulatory approval. Ropinirole hydrochloride is used in the treatment of Parkinson''s disease.

Bajaj Auto Limited increased 5.1% to Rs 1,977.00 and the company is targeting 40% increase in sale to 40 lakh vehicles in net fiscal year from the current 29 lakh vehicles sale.
Century Textiles and Industries Limited rose 2.8% to Rs 519.40 after the company is planning to raise prices of cotton yarn to offset higher materials costs, a senior official said on Friday.

Country Club (India) Limited rose 1.8% to Rs 16.55 and the company is looking to raise proposal on Apr 1.

Engineers India Limited dropped 4.4% to Rs 2,426.30 after the stock traded ex-dividend.

Essar Oil Limited gained 4% to Rs 141.40 after the oil and gas explorer said it would seek shareholders'' approval next month to raise up to $1.7 billion to finance its expansion plans while its unlisted parent said it had agreed to buy coal mines in Indonesia.

Glenmark Pharmaceuticals Limited added 2.9% to Rs 250.30 after the company unit has received U.S. FDA approval for its generic drug calcipotriene ointment. Calcipotriene is used for treatment of osteoporosis.

Henkel India Limited fell 1.6% to Rs 33.40 after the company reported fourth quarter net loss of Rs 22.34 crore compared with a net profit of Rs 0.17 crore a year ago.

Nitin Fire Protection Industries Limited increased 3.7% to Rs 357.85 after the company is close to acquiring a fire protection company in the UAE in a bid to achieve its plan to tap the European market.

Patel Engineering Ltd added 4.2% to Rs 460.00 after the company said it won a $1 billion contract to develop a waterfront integrated township project in Mauritius.

Pfizer Limited fell 0.6% to Rs 955 after the company reported first quarter net profit rose 8.82% to Rs 42.45 crore.

Polaris Software Lab Limited rose 3.6% to Rs 177.55 after the financial technology company today announced the acquisition of IndigoTX that provides GO TX, an enterprise brokerage solution for the securities market on a pay per use model.

Pratibha Industries Limited rose 0.7% to Rs 379.05 after the company secured two contracts of Rs 196.90 crore from the Navi Mumbai Municipal Corporation.

Tata Motors Limited dropped 0.4% to Rs 736.05 after the automobile maker is selling about 20% stake in its equipment and services unit to Japan''s Hitachi Construction Machinery Co for roughly $220 million.

Suven Life Sciences Limited dropped 6.1% to Rs 32.60 after the stock surged 40% in the preceding six trading sessions.