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Market Update

India Movers: Aban Offshore, IOC, Polaris, Shipping Corp, Tata Power

Author: Mukesh Buch
Last Update: 9:42 AM ET June 07 2013

6:00 PM Mumbai Aban Offshore secured contract worth $200 million from ONGC. IOC dropped and government appointed bankers to divest 10% stake. Polaris surged on takeover speculation. Tata Power won contracts worth $1.8 billion.

The Sensex Index slid 67.25 to close at 19,452.24 The CNX Nifty slipped 40.40 to close at 5,881. For the week, the Sensex dropped 1.7%.

Gainers & Losers

Aban Offshore Limited rose 0.1% to Rs 297.50 after the offshore driller secured contract worth Rs 1,050 crore from Oil & Natural Gas Corporation Limited for deployment of drillship Aban Ice for a firm period of 3 years.

Coal India Limited gained 1.3% to Rs 319.90 after the government proposed 10% stake sale and finance ministry is said to have accepted the demands raised by workers.

Indian Oil Corporation Limited declined 2.4% to Rs 270.05 after the government plans to divest 10% stake and appoint bankers for the sale.

Mahindra Lifespace Developers Limited gained 3.7% to Rs 401 after the board recommended approved to capital raising from foreign investors from 30% to 49%.

Polaris Financial Technology Ltd surged 9.2% to Rs 131 after speculation Mahindra Group and Larsen & Toubro are competing to acquire the company''s IT services unit.

L&T Infotech is said to offer $330 million and Tech Mahindra has bid $350 million.

Reliance Industries Limited fell 0.9% to Rs 784.60 after the Reliance Jio Infocomm and Reliance Communications sign definitive agreement for sharing the nationwide telecom towers infrastructure.

The Shipping Corporation of India Ltd climbed 4.5% to Rs 36.85 after it signed an agreement with GAIL (India) to transport liquefied natural gas from the U.S.

Tata Power Company Limited rose 0.6% to Rs 88.65 after the company won contract worth $1.8 billion to develop two 660 megawatts coal-fired thermal power plants in southern Vietnam.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc