Market Updates

Rupee Gains in Mumbai; DQ Entertainment IPO

Mayank Mehta
29 Mar, 2010
New York City

    Stocks and the rupee in Mumbai trading edged higher on the optimistic view on the economy. DQ Entertainment (I) Ltd, the animation and game developer surged 47.5% on the first day of trading in a heavily subscribed IPO. Gayatri Projects secures order of $120 million.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks and the rupee in Mumbai trading edged higher on the optimistic view on the economy. DQ Entertainment (I) Ltd, the animation and game developer surged 47.5% on the first day of trading in a heavily subscribed IPO. Gayatri Projects secures order of $120 million.[/R]

The Sensex index in India increased 66.59 or 0.38% to 17,711.35 and CNX Nifty index rose 20.85 or 0.39% to 5,302.85. Among the Sensex 30 stocks, 20 rose and 10 fell.

On BSE trading, 1,031 stocks advanced, 1,852 declined and 78 were unchanged. Banks, metal makers, consumer durables and auto makers rose. Reliance Industries reversed early gains. IT stocks fell on a firmer rupee.

Seven IT shares declined 0.38% to 2.34% after the rupee strengthened to its highest level in more than 18 months.

Rupee edged higher 5 paisa to 44.97 to one dollar a high last seen in September 2008. The rupee has gained 3.5% in the year so far.

DQ Entertainment (International) Ltd, the animation and game developer closed at Rs 118, a 47.5% increase from the initial public offer price of Rs 80. The institutional tranche of the offering was oversubscribed 93.86 times and the retail investors segment was oversubscribed 19.5 times. SBI Capital Markets Limited led the underwriting team.

At the close price, UK parent company stake of 75% in the Indian company was valued at Rs 153 crore or 22.75 million pounds.

Gainers & Losers

Ambuja Cements Ltd rose 2.9% to Rs 121.95 after the grinding unit was commissioned in Himachal Pradesh’s Solan district. This is the company’s third plant in the state, a company statement said.

Bajaj Electricals Limited surged 12.8% to Rs 235.30 after the company won orders of Rs 215 crore.

Gabriel India Limited surged 11.5% to Rs 36.35 after the company said Asia Investments increased its stake in the firm.

Gayatri Projects Limited fell 1.1% to Rs 386.50 after the company said that it secured a new order for Rs 602 crore under BOT (toll) for six lane highway of Indore-Dewas of National Highway-3 from Km.577.550 to Km.610.00 and Km 0.000 to Km 12.6000 in Madhya Pradesh under NHDP phase-V.

Hindustan Dorr-Oliver Limited advanced 2.4% to Rs 104.45 after the company secured orders of Rs 267.65 crore.

Housing Development Finance Corporation Limited rose 1.9% to Rs 2,661.70 after the mortgage lender is looking to spin-off or segregate its several non-core businesses will be moved out of the company.

Infosys Technologies Limited fell 1.9% to Rs 2,722.90 tracking losses in New York trading.

JSL rose 1.3% to Rs 106 after the company plans to raise $50 million to 60 million through qualified institutional placement next week.

Larsen & Toubro Limited rose 0.8% to Rs 1,649.90 after the company secured a major order valued at Rs 1,400 crore from Indian Oil Corporation for a 4.17 MMTPA FCC reactor regeneration project of a fuel refinery at Paradip, Orissa.

Maruti Suzuki India Limited rose 1.9% to Rs 1,423.15 after the company recovers on rupee’s recent gains against the yen.

Nagarjuna Construction Company Limited rose 1.8% to Rs 158.55 after the company announced that it has secured new orders of Rs 971 crore.

Pipavav Shipyard rose 2.1% to Rs 65.25 after infrastructure developer Punj Lloyd sold its entire 19.43% stake in the company to SKIL Infrastructure.

Plethico Pharmaceuticals Limited slipped 2.4% to Rs 380.00 after the stock surged nearly 10% in the preceding three trading sessions.

Ranbaxy Laboratories Limited rose 1.0% to Rs 480.80 after the company signed a pact with Pfenex of US for developing a bio-similar therapeutic protein.

Suven Life Sciences Limited increased 4.7% to Rs 34.15 after the company announced that the European Patent Office has issued a product patent EP1919896 for the treatment of disorders associated with Neurodegenerative diseases valid until 2025.

Tata Motors Limited added 2.4% to Rs 743.05.

Tilaknagar Industries Ltd dropped 4.1% to Rs 126.65 after the company said a promoter of the company reduced stake in the firm.

Weizmann Limited climbed 4.9% to Rs 41.75.

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