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Market Update

India Movers: Agro Tech, Adani, Aurobindo Pharma, MMTC, Titan

Author: Mukesh Buch
Last Update: 8:44 AM ET June 12 2013

6:00 PM Mumbai Agro Tech management withdrew its proposed buyback offer. Adani Ports allotted 66.7 million shares at an issue price of Rs. 150. LIC lowered its stake in Aurobindo Pharma. Titan plunged 13% after regulatory curb on gold import is expected to hurt margins.

The Sensex Index dropped 101.87 or 0.5% to close at 19,041.13 The CNX Nifty fell 28.60 to close at 5,760.20.

Gainers & Losers

Agro Tech Foods Limited slipped 1.1% to Rs 528.70 after the management decided to withdraw the proposed buyback offer.

Adani Ports And Special Economic Zone Limited slumped 2.7% to Rs 144.35 after the company allotted 66,657,520 shares at an issue price of Rs 150 under the institutional placement program.

Aurobindo Pharma Limited gained 1.6% to Rs 174.70 after the Life Insurance Corporation of India lowered its stake.

The company sold 58.56 lakh shares aggregate 2% stake in the Hyderabad based company through open market operation.

Fortis Healthcare Limited edged up 0.06% to Rs 90.10 after an agreement with Viva Holdings Vietnam (Pte) Ltd to sell entire stakes in Fortis Hoan My Medical Corporation in Vietnam for $80 million.

Indian Oil Corporation Limited rose 0.2% to Rs 260.65 after the government began the selection process of investment bankers for 10% stake divestment.

MMTC Limited jumped 2.9% to Rs 211.45 ahead of meeting of minister today to resolve the base price for stake-sale in the state-run trading firm.

Tata Coffee Limited tumbled 20% to Rs 1,100.25 and Tata Teleservices (Maharashtra) Limited plummeted 19.7% to Rs 5.53.

Titan Industries Limited plunged 13.3% to Rs 204.90 after the recent regulatory act to curb gold imports is expected to increase the costs and hurt margins and cash flow. The jewelry sales account 80% of total sales.

Wockhardt Limited declined 4.5% to Rs 1,033.45 after the health ministry suspended the sale of dextropropoxyphene, a pain-relieving drug.

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