Rupee Advances in India; Stocks Rest

Mayank Mehta
30 Mar, 2010
New York City

Stocks in Mumbai traded lower after rallying for three days in a row. Rupee advanced to a nearly 2-year high with the steady flows of funds in the stock market. IL&FS Transportation surged 10% on the first day of its trading from its IPO.

[R]6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai traded lower after rallying for three days in a row. Rupee advanced to a nearly 2-year high with the steady flows of funds in the stock market. IL&FS Transportation surged 10% on the first day of its trading from its IPO.[/R]

The Sensex index in India decreased 121.18 or 0.68% to 17,590.17 and CNX Nifty index fell 40.40 or 0.76% to 5,262.45. Among the Sensex 30 stocks, 11 rose and 19 fell.

On BSE trading, 1,690 stocks advanced, 1,104 declined and 92 were unchanged. IT stocks fell on a firm rupee. Banks and auto stocks edged lower but realty stocks gained.

IL&FS Transportation Networks closed at Rs 281.45, premium of 9.10% to the initial public offer price of Rs 258.

Rupee edged higher 3 paisa to 44.92 against one dollar.

Gainers & Losers

Areva T&D India rose 0.7% to Rs 309.70 after the company secured an order of Rs 70 crore.

Camlin Limited gained 5% to Rs 25.90 after the fast moving consumer goods company one of the promoter group companies revoked a substantial portion of the pledged shares.

Cholamandalam DBS Finance Limited closed unchanged at Rs 89.45 after the company''s board approved Rs 200 crore offering via unsecured non-convertible debentures on private placement basis.

Crompton Greaves Limited added 2.3% to Rs 258.55 after the electrical products makers said it agreed to acquire UK-based Power Technology Solutions Ltd for an enterprise value of about £30 million.

Edelweiss Capital Limited advanced 2.1% to Rs 442.50 an integrated financial services company today announced that its subsidiary Edelweiss Housing Finance has received the certificate of registration from the National Housing Bank to offer mortgage loans.

Four Soft Limited increased 8.2% to Rs 24.40 after the software developer announced that Caligor RX, a global pharmaceutical wholesaler and worldwide distributor of clinical trial supplies, has selected company’s warehouse management solution, 4S eLog, to automate its warehousing facility in the United Kingdom.

Genus Power Infrastructures Ltd rose 1.8% to Rs 163.00 after Kailash Paper Products, a promoter group company, revoked the entire 1.15 lakh pledged shares, representing 0.78% of the equity capital of the company.

HDFC Bank Limited dropped 2.2% to Rs 1,921.55 after on profit booking after the stock gained almost 9% in the preceding six trading sessions.

IVRCL Infrastructures & Projects rose 2.4% to Rs 167 after the company''s water division secured four orders aggregating Rs 867.57 crore from various clients.

JMC Projects (India) Limited surged 9.7% to Rs 178.40 after the construction of industrial, commercial, institutional and residential buildings secured an order of Rs 1,000 crore.

NMDC Ltd closed higher 3.3% to Rs 294.50 after Finance Director S. Thiagarajan said in an interview with Bloomberg that the company will increase exports price of the iron ore to $100 from $61 a ton. NMDC exports approximately 15% of its iron ore production.

Praj Industries Limited rose 2.1% to Rs 87.65 after the company today announced that it has completed the process of divesting from Praj Schneider, its wholly owned subsidiary in US.

Puravankara Projects Limited rose 2.3% to Rs 97.05 after the construction of residential and commercial properties and Desarrolladora Homex, S.A.B. de C.V., through its subsidiary Homex India Private Limited announced a joint venture to build entry price homes.

Ranbaxy Laboratories Limited fell 0.02% to Rs 480.70 after Japan''s Daiichi Sankyo which owns 64% stake in the company has firmed up plans to delist in the next four months.

Steel Authority of India Limited rose 1.0% to Rs 245.20 after the company entered into a joint venture with Shipping Corporation of India to promote a company providing various shipping related services.