Live_wire's Info Thread

[live_wire]

Corporate news of the day: IVRCL Infra bags new order, HDFC expansion buzz

IVRCL Infrastructures & Projects has bagged orders worth Rs 500.49 crore. The water divission of the company has secured order worth Rs 281.93 crore. The building division of the company has secured order worth Rs 218.56 crore.

Bombay High Court approved the merger of Bajaj Hindusthan Sugar & Industries with Bajaj Hindusthan. As per the swap ratio for the merger, shareholders of Bajaj Hindustan Sugars & Industries will get one equity share of the parent firm Bajaj Hindustan for every 5 equity shares held. Bajaj Hindusthan holds 75% stake in Bajaj Hindusthan Sugar and Industries.

HDFC will make a big-bang entry into education sector. According to reports, it will look at small towns to either set up schools or take over defunct boarding schools. The entry into education will be made through a separate subsidiary. Reports suggested that several schools are looking at a model that is profitable and scalable, as operating under trusts makes it difficult to segregate profits. Many schools would be open to the takeover model that HDFC plans to adopt. HDFC already has an educational loan unit 'Credila Financial Services' in which it raised its stake to 51% in July 2010. At present, Credila lends around 65% to students pursuing courses within the country.

GMR Group signs an agreement to divest its 50% shareholding interest in InterGen N.V to China Huaneng Group, the largest power generation company in China for an equity value of US$ 1,232 million. The Transaction is subject to customary regulatory approvals in each of the jurisdictions where InterGen has operations as well as approval of the Government of the People's Republic of China. The Transaction is expected to close in the first half of 2011.

Videocon Inds partner Anadarko Petroleum, BPRL Ventures, Mitsui E&P and Cove Energy discover major natural gas presence in Rovuma basin of Mozambique The discovery well at the Lagosta prospect in Mozambique has a net 550 feet of natural gas find, Videocon Industries said in a statement. With three discoveries in the region, the partnership is in a process of advancing commercialization options for liquefied gas, it added

 

[live_wire]

Market snaps four-day losing streak; breadth improves in late trade

As per provisional closing, the BSE 30-share Sensex was up 263.66 points or 1.38% to 19,400.27. The Sensex rose 313.48 points at the day's high of 19,450.09 in late trade. The index rose 30.58 points at the day's low of 19,167.19 in early trade.

The S&P CNX Nifty was up 82.85 points or 1.44% at 5,834.80

The market breadth, indicating the health of the market, was even. On BSE, 1492 shares rose and an equal number of shares declined. A total of 81 shares remained unchanged. The breadth was positive in opening trade but had turned weak thereafter.

Among 30 Sensex shares, 23 rose and rest fell.

ACC (down 0.70%), Tata Steel (down 0.89%) and Cipla (down 0.18%), edged lower from the Sensex pack.

Jindal Steel & Power (up 1.83%), Bharti Aietel (up 1.53%), and Larsen & Toubro (up 1.43%), edged higher from the Sensex pack.

Index heavyweight Reliance Industries (RIL) advanced 3.68% to Rs 998. It was the top gainer from the Sensex pack. RIL and NTPC may reportedly settle their five-year-old legal battle over a contract to supply natural gas from RIL's field in the Krishna-Godavari basin to the state-owned power utility.

The RIL-NTPC dispute dates back to 2005 when NTPC dragged RIL to the Bombay High Court, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at $2.34 per unit. Shares in NTPC rose 1.67%.

Cairn India jumped 5.86% at Rs 311.80 on reports a prominent foreign brokerage has upgraded the stock to 'outperformer' with a price target of Rs 325.

Auto stocks were in demand ahead of the November 2010 monthly sales which are anticipated to be robust following strong festive demand. India's largest small car maker by sales Maruti Suzuki India gained 2.87%.

India's largest truck maker by sales Tata Motors rose 1.41%. Tata Motors, would reportedly pay an upfront fees of up to 20% of the total loss incurred by over 40 vendors who were forced to relocate their manufacturing base to Sanand (Gujarat) from Singur (West Bengal) in 2009.

India's largest tractor maker by sales Mahindra & Mahindra gained 1.17%.

India's largest power equipment maker by sales Bharat Heavy Electricals (Bhel) gained 2.85%. Bhel and another PSU firm Steel Authority of India (Sail) have reportedly decided to set up a facility to manufacture cold-rolled grain-oriented silicon (CRGO) steel. The proposed plant will be set up under a trilateral joint venture involving a technology partner for which the search is still on.

Software pivotals gained on recent upbeat US economic data. US is the biggest market for Indian IT exporters. India's largest software company by sales TCS jumped 1.77%. India's second largest software company by sales Infosys rose 0.71%. India's third largest software company by sales Wipro advanced 2.80%

Anil Dhirubhai Ambani group stocks were under pressure and extended recent slide. India's largest private sector power utility firm by sales Reliance Infrastructure declined 3.02% to Rs 824.55 and was the top loser from the Sensex pack.

India's second largest listed cellular services provider by sales Reliance Communications lost 2.15%, extending 12.72% slide in preceding four trading days. Reliance Power declined 0.95% while Reliance MediaWorks slumped 2.24%.

India's largest realty player by sales DLF lost 0.35% to Rs 286.75, off the day's low of Rs 279. The stock had lost 9.61% in the preceding four trading days till Friday, 26 November 2010.

Front-line banking and financial stocks gained on bargain hunting after a recent steep slide triggered by the outbreak of the loan scam last week. India's largest private sector bank by net profit ICICI Bank gained 2.41%.

India's largest bank by net profit and branch network State Bank of India rose 1.05%. But, India's second largest private sector bank by net profit HDFC Bank slipped 0.41% to Rs 2290, off day's high of Rs 2317.

India's largest mortgage financier by total income HDFC advanced 1.29% on reports it is foraying into the education sector.

BGR Energy jumped 21.29% after the company's management in a conference call on Friday, 26 November 2010, clarified its position on the recent bank loan scam being investigated by the Central Bureau of Investigation. BGR Energy Systems has denied connection with the ongoing loan scandal involving some top officials of LIC Housing Finance and some PSU banks. In a statement to BSE, BGR Energy said, last week, that it has not resorted to any illegal or unethical methods to get working capital sanctioned for business purposes

 

[live_wire]

Foreign institutional investors (FIIs) step up selling

Foreign institutional investors (FIIs) stepped up selling in equities, with a net outflow of Rs 671.90 crore on Friday, 26 November 2010, compared with Rs 532.20 crore on Thursday, 25 November 2010.

The net outflow of Rs 671.90 crore on 26 November 2010, was a result of gross purchases Rs 4359.20 crore and gross sales Rs 5031.10 crore. There was an outflow of Rs 672.60 crore from the secondary equity markets, which was a result of gross purchases Rs 4358.40 crore and gross sales Rs 5031 crore. The BSE 30-share Sensex lost 181.55 points or 0.94% to settle at 19,136.61 on that, its lowest closing level since 9 September 2010.

There was an inflow of Rs 0.70 crore into the category 'primary market & others', which was a result of gross purchases Rs 0.80 crore and gross sales Rs 0.10 crore.

FII inflow in November 2010 totaled Rs 18020.90 crore (till 26 November 2010). FIIs had bought equities worth Rs 28562.90 crore in October 2010. FII inflow in the calendar year 2010 totaled Rs 130944 crore (till 26 November 2010). In dollar terms, the net equity inflow in 2010 now stands at $28.859 billion, above last year's $17.45 billion. The annual inflows are at record levels this year.

There are a total of 1,740 foreign funds registered with the Securities & Exchange Board of India (Sebi).

 

[live_wire]

Breadth weak: Metal shares lead initial decline

At 9:27 IST, the BSE 30-share Sensex was down 123.92 points or 0.64% to 19,281.18. The Sensex fell 31.87 points at the day's high of 19,373.23 in early trade. The index lost 180.64 points at the day's low of 19,224.46 in early trade.

The S&P CNX Nifty was down 39.55 points or 0.68% at 5,790.45

The market breadth, indicating the health of the market, was negative. On BSE, 889 shares declined while 429 shares rose. A total of 39 shares remained unchanged.

The total turnover on the BSE amounted to Rs 335 crore by 09:25 IST

Bharti Airtel was the lone gainer from the 30-member Sensex pack. India's largest listed cellular services provider by sales rose 1.01%.

DLF (down 1.71%), Jaiprakash Associates (down 1.36%), and Infosys (down 1.17%), edged lower from the Sensex pack.

Anil Dhirubhai Ambani group stocks remained under pressure and extended their recent slide. India's second largest listed cellular services provider by sales Reliance Communications lost 2.43% to Rs 124.60 and was the top loser from the Sensex pack. The stock extended a five-day fall. India's largest private sector power utility firm by sales Reliance Infrastructure declined 0.36%.

Metal shares declined after LMEX, a gauge of six metals traded on London Metal Exchange, fell 0.49% to $ 3,678.30 on Monday, 29 November 2010. Hindustan Zinc (down 1.93%), Jindal Steel & Power (down 0.06%), National Aluminium Company (down 0.75%), Tata Steel (down 1.21%), Sesa Goa (down 1.40%), Sterlite Industries (down 1.36%), Hindalco Industries (down 1.98%) and Steel Authority of India (down 1.01%) edged lower.

The government will today, 30 November 2010, unveil the gross domestic product (GDP) data for the second quarter ended September 2010. The economy grew at 8.8% Q1 June 2010, at the fastest pace in nearly three years.

Most Asian markets were trading lower today, 30 November 2010, on lingering concerns Europe's debt crisis may spread. Chinese shares were sharply lower. The Shanghai Composite was down 3.05% and Hong Kong's Hang Seng index was down 1.13%. In other Asian markets, the key benchmark indices in Indonesia, Singapore, and Japan were down by between 0.48% to 1.39%. The key benchmark indices in South Korea and Taiwan were up 0.77% and 0.66% respectively.

 

[live_wire]

D B Realty recovers after tumbling 52.5% in 11 days

D B Realty was locked at upper circuit limit of 5% at Rs 207.90 on BSE after the company's managing directors clarified that company was not involved in the bribe-for-loan scam.

Meanwhile, the BSE Sensex was down 129.57 points, or 0.67%, to 19275.53. On BSE, 11.16 lakh shares were traded in the counter as against an average daily volume of 3.13 lakh shares in the past one quarter.

The stock hit a low of Rs 190.55 earlier in the day, which is a 52-week low for the counter. The stock had hit a record high of Rs 540.10 on 31 March 2010.

The stock had underperformed the market over the past one month till 29 November 2010, tumbling 52.72% compared with the Sensex's 3.13% fall. It also underperformed the market in past one quarter, slumping 54.01% as against 7.82% rise in the Sensex.

The mid-cap realty firm has an equity capital of Rs 243.26 crore. Face value per share is Rs 10.

The stock had slumped 52.50% in eleven consecutive sessions to Rs 198 on 29 November 2010 from a recent high of Rs 416.85 on 11 November 2010 after media reports named the company as being involved in a bribe-for-loan scandal.

The company's managing director Shahid Balwa told the media that the firm has not paid any bribe for loans. There is a malicious campaign against the company, he said. The fall in the share price is attributable to speculative media reports, he added.

The company has given all required documents to the Central Bureau of Investigation (CBI) in a probe related to loans by LIC Housing Finance, DB Realty's another managing director Vinod Goenka said in a television interview. The company took a Rs 200 crore loan from LIC Housing earlier this year and is paying 13.5% on the debt, Goenka is reported to have said.

The Central Bureau of Investigation (CBI) recently issued notices to a total of 21 companies as it intensified its probe into a bribes-for-loans racket but ruled out that this is a case of corporate fraud.

Balwinder Singh, special director of the Central Bureau of Investigations was quoted by the media as saying that some companies have already replied to the notices and that the CBI will scrutinize the documents already received before taking the investigation any further.

The CBI issued notices to companies including Lavasa Corporation, a unit of Hindustan Construction Co; DB Realty; Pantaloon Retail (India); Religare Enterprises and Jaiprakash Associates unit JP Hydro-Power, recently renamed Jaiprakash Power Ventures.

The CBI last week arrested eight senior officials of state-run lenders, an insurance firm and a financial services firm. The CBI accused the senior officials of allegedly takings bribes from executives of financial services firm Money Matters Group to facilitate loans to several companies, including property developers. News of the alleged bribery scandal has rattled stock market investors and prompted the government to ask all state-run lenders and insurers - even those not involved in the alleged bribe scandal - to examine their potential exposure to these firms.

D B Realty's net profit surged 216.7% to Rs 150.02 crore on 116% growth in total income to Rs 169.04 crore in Q2 September 2010 over Q2 September 2009.

 

[live_wire]

Realty surges over 3% in a volatile market

At 11:27 IST, the BSE 30-share Sensex was down 69.53 points or 0.36% to 19,335.57. The Sensex fell 22.46 points at the day's high of 19,382.64 in morning trade. The index lost 180.64 points at the day's low of 19,224.46 in early trade.

The S&P CNX Nifty was down 15.85 points or 0.27% at 5,814.15

The market breadth, indicating the health of the market, was positive. On BSE, 1491 shares advanced while 1059 shares declined. A total of 78 shares remained unchanged. The breadth was negative in opening trade.

The total turnover on the BSE amounted to Rs 1622 crore by 11:25 IST compared with Rs 1005 crore by 10:25 IST

From the 30-member Sensex pack, 17 declined while the rest gained.

ICICI Bank (down 1.22%), Sterlite Industries (down 1.42%), and Larsen & Toubro (down 1.71%), edged lower from the Sensex pack.

Jaiprakash Associates (up 1.49%), Bhel (up 1.71%), and Cipla (up 0.39%), edged higher from the Sensex pack.

Realty stocks edged higher on bargain hunting after a recent steep slide triggered by the back the outbreak of a bank loans bribery scandal last week, mainly involving realty and infrastructure firms. The BSE Realty index rose 2.87% and was the top gainer among the 13 sectoral indices on the BSE.

India's largest realty stock by sales DLF jumped 4.48% to Rs 300.40 and was the top gainer from the Sensex pack. The stock gained on bargain hunting after sliding 9.8% in the preceding five trading days.

HDIL (up 2.29%), Unitech (up 1.32%), Sobha Developers (up 5.15%), Parsvnath Developers (up 0.43%), Indiabulls Real Estate (up 6.92%), and Orbit Corporation (up 4.50%), edged higher gained.

Telecom stocks gained on bargain hunting after a recent slide triggered by the controversial allotment of 2G spectrum. India's largest listed cellular services by sales Bharati Airtel advanced 2.54% while India's second largest listed cellular services by sales Reliance Communications rose 0.98%.

Index heavyweight Reliance Industries (RIL) slipped 0.72% to Rs 991.50, on profit booking after Monday's over 3% rally. As per recent reports, RIL and NTPC may settle their five-year-old legal battle over a contract to supply natural gas from RIL's field in the Krishna-Godavari basin to the state-owned power utility.

The RIL-NTPC dispute dates back to 2005 when NTPC dragged RIL to the Bombay High Court, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at $2.34 per unit.

India's largest power generation firm by capacity NTPC rose 0.72%. The company reportedly plans to place orders for generators worth at least Rs 32,850 crore by 31 March 2011 as it accelerates capacity addition to help reduce blackouts. The utility will buy nine generators of 660 megawatts each and the same number of 800-megawatt units.

India's largest private sector power utility firm by sales Reliance Infrastructure rose 1.18% on bargain hunting after a 13.07% decline in five trading sessions.

PSU stocks rose on bargain hunting after a recent slide. ONGC (up 0.05%), State Bank of India (up 1.64%), NMDC (up 0.75%), Indian Oil Corporation (up 1.01%), and Power Grid Corporation of India (up 0.36%), gained.

 

[live_wire]

Market bounces back from the day's low; Sensex surges over 100 pts

At 13:20 IST, the BSE 30-share Sensex was up 156.99 points or 0.69% to 19,537.09. The Sensex jumped 161.80 points at the day's high of 19,566.90 in afternoon trade. The index lost 187.08 points at the day's low of 19,218.02 in early afternoon trade.

The S&P CNX Nifty was up 31.05 points or 0.53% at 5,861.05

The market breadth, indicating the health of the market, was strong. On BSE, 1743 shares advanced while 1027 shares declined. A total of 68 shares remained unchanged. The breadth was negative in opening trade.

From the 30-member Sensex pack, 21 rose while the rest fell.

Tata Steel, Larsen & Toubro, ACC, Tata Power Company and Sterlite Industries fell by between 0.86% to 1.73%. But, Bharti Airtel, Tata Motors, Jindal Steel & Power and Jaiprakash Associates rose by between 2.7% to 5.1%.

Index heavyweight Reliance Industries (RIL) rose 0.73% to Rs 1005.50, extending Monday's over 3% rally. The stock came of the day's low of Rs 982.25 today. As per recent reports, RIL and NTPC may settle their five-year-old legal battle over a contract to supply natural gas from RIL's field in the Krishna-Godavari basin to the state-owned power utility.

The RIL-NTPC dispute dates back to 2005 when NTPC dragged RIL to the Bombay High Court, complaining that RIL was not honouring a contract to sell 12 million standard cubic metres a day (mmscmd) of gas to its Kawas and Gandhar expansion projects in Gujarat for 17 years at $2.34 per unit.

Realty stocks edged higher on bargain hunting after a recent steep slide triggered by the back the outbreak of a bank loans bribery scandal last week, mainly involving realty and infrastructure firms. The BSE Realty index rose 4.54% and was the top gainer among the 13 sectoral indices on the BSE. HDIL, Unitech, Sobha Developers, Indiabulls Real Estate, Omaxe and Orbit Corporation rose by between 1.97% to 11.15%.

India's largest realty stock by sales DLF jumped 4.81%. The stock gained on bargain hunting after sliding 9.8% in the preceding five trading days

FMCG stocks fell on profit taking. ITC, United Spirits and Hindustan Unilever fell by between 0.3% to 0.81%.

Banking stocks were mixed. India's largest private sector bank by net profit ICICI Bank fell 1.42%. India's largest bank by net profit and branch network State Bank of India rose 2.38%. India's second largest private sector bank by net profit HDFC Bank rose 0.48%. India's largest dedicatd mortgage financier by total income HDFC fell 0.9%.

 

[live_wire]

Volatile session ends with marginal gains; Nifty settles above 5,850 mark

As per provisional closing, the BSE 30-share Sensex was up 117.77 points or 0.61% to 19,522.87. The Sensex jumped 205.36 points at the day's high of 19,610.46 in afternoon trade. The index lost 187.08 points at the day's low of 19,218.02 in early afternoon trade.

The S&P CNX Nifty was up 28.60 points or 0.49% at 5,858.60

The total turnover on BSE amounted to Rs 4659 crore.

The market breadth, indicating the health of the market, was strong. On BSE, 2,039 shares advanced while 932 shares declined. A total of 81 shares remained unchanged. The breadth was negative in opening trade.

From the 30-member Sensex pack, 20 rose while the rest fell.

Index heavyweight Reliance Industries (RIL) fell 0.95% to Rs 988.75. The stock came of the day's high of Rs 1007.40 today. The stock had jumped over 3% on Monday, 29 November 2010.

Realty stocks edged higher on bargain hunting after a recent steep slide triggered by the back the outbreak of a bank loans bribery scandal last week, mainly involving realty and infrastructure firms. Unitech (up 4.02%), HDIL (up 5.24%), and Indiabulls Real Estate (up 7.97%), surged.

India's largest realty stock by sales DLF jumped 7.26% to Rs 308 and was the top gainer from the Sensex pack. The stock gained on bargain hunting after sliding 9.8% in the preceding five trading days.

D B Realty jumped 5% after the company's managing directors clarified that the company is not involved in the bribe-for-loan scam.

Banking stocks saw an across the board rally after a recent slide triggered by the outbreak of a bank loan bribery loan scam last week. India's largest bank by net profit and branch network State Bank of India galloped 4%. India's second largest private sector bank by net profit HDFC Bank advanced 0.11%.

India's largest private sector bank by net profit ICICI Bank fell 0.48% to Rs 1148.50, off day's low of Rs 1128.55.

Telecom stocks gained on bargain hunting after a recent slide triggered by the controversial allotment of 2G spectrum. India's largest listed cellular services by sales Bharati Airtel jumped 5.15% while India's second largest listed cellular services by sales Reliance Communications advanced 2.98%.

Metal pivotals declined after LMEX, a gauge of six metals traded on London Metal Exchange, fell 0.49% to $ 3,678.30 on Monday, 29 November 2010.

India's largest private sector steel maker by sales Tata Steel lost 1.29% to Rs 585.30 and was the top loser from the Sensex pack.

India's largest non-ferrous metal firm by sales Sterlite Industries India slipped 0.28%.

 

[live_wire]

Sensex hits triple century; Realty, Metal, IT surge more than 3%

As per provisional closing, the BSE 30-share Sensex was up 337.48 points or 1.73% to 19,858.73. The Sensex rose 366.01 points at the day's high of 19,887.26 in late trade. The index rose 3.9 points at the day's low of 19,525.15 in early trade.

The S&P CNX Nifty was up 100.85 points or 1.72% at 5,963.55.

The market breadth, indicating the health of the market, was strong. On BSE, 2441 shares advanced while 613 shares declined. A total of 63 shares remained unchanged.

The total turnover on BSE amounted to Rs 4593 crore by 14:25 IST

Among the 30-member Sensex pack, 25 gained while the rest slipped.

Cipla (up 6.20%), Larsen & Toubro (up 4.62%), and Jaiprakash Associates (up 3.04%), gained.

Index heavyweight Reliance Industries (RIL) rose 0.32% to Rs 990 after gyrating in band of Rs 983.40-997.40 so far during the day. As per reports, the natural gas production from RIL's East Coast block has dropped by about 15% to about 45-46 million standard cubic metres per day (mscmd) from 53-54 mscmd. The production from D-1 and D-3 gas fields in the KG-D6 block has dropped due to reservoir complexities.

India's state-run oil & gas explorer Oil and Natural Gas Corporation jumped 3.36% after chairman R.S. Sharma told the media the company expects to launch its $3 billion follow-on public offer in March 2011 and the government will soon decide on the company's stock split.

Indian Oil Corporation (IOC) jumped 11.54% to Rs 382.50 after the company's chairman BM Bansal was quoted today as saying that the company is likely to sell its shares at Rs 450 each through a follow on public offer. The issue is likely to happen in the third or fourth week of January 2011.

Metal and mining shares saw an across the board surge after strong investor response to the MOIL issue.

Tata Steel (up 4.93%), Hindalco Industries (up 3.64%), Hindustan Zinc (up 2.82%), National Aluminium Company (up 3.50%), Bhushan Steel (up 8.57%), Sterlite Industries (up 1.55%), JSW Steel (up 6.36%) and Steel Authority of India (up 2.12%) edged higher.

But, Sesa Goa fell 2.35% after the company said it would stop mining operations at Thakurani mine in Orissa from Wednesday, 1 December 2010. The announcement was made after market hours on Tuesday, 30 November 2010.

Banking stocks gained on fresh buying on expectations of a strong credit offtake in a growing economy. India's largest bank by net profit and branch network State Bank of India gained 3.20%. India's second largest private sector bank by net profit HDFC Bank advanced 3.09%.

India's largest private sector bank in terms of operating income ICICI Bank rose 1.87% on reports the bank has withdrawn a special housing loan scheme with immediate effect. The schemes have been under the Reserve Bank of India's scrutiny on concerns about asset quality in the housing loan sector.

India's top mortgage lender by total income Housing Development Finance Corporation rose 1.68% after the company said it would not extend a special housing loan scheme that was available until Tuesday, 30 November 2010.

Telecom pivotals saw divergent trend. India's largest listed cellular services provider by sales Bharti Airtel lost 2.62% to Rs 350.95 on profit booking after surging 6.45% on Tuesday, 30 November 2010.

India's second largest listed cellular services provider by sales Reliance Communications gained 4.39%, extending Tuesday's, 30 November 2010 3.40% advance.

India's top small car maker by sales Maruti Suzuki India slipped 0.71% to Rs 1413.60 on profit booking after striking day's high of Rs 1447.60. Total sales rose 28.20% to 1.12 lakh vehicles in November 2010 over November 2009. The figures were announced during market hours today.

India's largest truck maker by sales Tata Motors jumped 4.68%. The company's total vehicle sales rose 1% to 54,622 units in November 2010 over November 2009. The figures were announced during market hours today.

India's largest tractor and utility vehicles maker Mahindra & Mahindra (M&M) surged 4.72% after two-wheeler sales grew 125% in November to 15,854 units.

India's largest realty stock by sales DLF jumped 3.99%, extending Tuesday's, (30 November 2010) 7% surge. Earlier, the stock had slumped 9.8% in the preceding five trading days to 29 November 2010 following the outbreak of a bank loans bribery scandal last week, mainly involving realty and infrastructure firms

North India's largest cement company by sales ACC rose 0.97% as the company's cement dispatches rose 4.81% to 1.74 million tonnes in November 2010 over November 2009. The company announced its November 2010 dispatches figures during market hours today, 1 December 2010.

Software stocks saw mixed trend and underperformed the Sensex. India's largest software company by sales TCS rose 0.68%. India's second largest software company by sales Infosys rose 0.13%. India's third largest software company by sales Wipro declined 1.07%

 

[live_wire]

Coal India gains on overseas expansion plan

Coal India rose 1.15% to Rs 320.15 at 14:51 IST on BSE after Chairman Partha Bhattacharyya said the company is looking at buying over 10% in an asset of Australia's Peabody and has ample funds for overseas acquisitions.

Meanwhile, the BSE Sensex was 325.69 points, or 1.67%, to 19,846.94. On BSE, 11.95 lakh shares were traded in the counter compared with the average daily volume of 1.8 crore shares in the past 16 days since its debut on bourses on 4 November 2010.

The stock hit a high of Rs 321.75 and a low of Rs 314.90 so far during the day. The stock hit record high of Rs 357.60 on 5 November 2010 and record low of Rs 287.45 on 4 November 2010.

The company has an equity capital of Rs 6316.36 crore. Face value per share is Rs 10.

Last month, Bhattacharyya said Coal India was in advanced talks with Peabody to acquire a stake in one of its Australian mines and was also looking at a long-term offtake agreement. The Coal India Chairman today, 1 December 2010 said Peabody had offered 10% in one of its companies and "we are trying to make it a little more so that we have representation on the board."

Bhattacharyya added that Coal India was looking at a specific property of US-based Massey Energy. The state-run firm recently raised $3.4 billion in India's largest initial public offering.

Coal India's consolidated net profit rose 29.1% to Rs 4020.36 crore on 16.8% increase in net sales to Rs 23608.06 crore for half-year ended September 2010 over half year ended September 2009