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Market Update

India Movers: Apollo Tyres, Gujarat Gas, MMTC, Sun Pharma, Tata Motors


Author: Mukesh Buch
ticker.com
Last Update: 8:42 AM ET June 13 2013

6:00 PM Mumbai Apollo Tyres declined on company''s debt after deal to buy U.S. based Cooper Tire. BG Group Plc completed its stake sale in Gujarat Gas. MMTC offering demand exceeded offering size by 33%. Tata Motors dropped ahead of June auto sales data.

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

Apollo Tyres Ltd tumbled 25.4% to Rs 68.60 after the $2.5 billion deal to buy U.S. based Cooper Tire & Rubber Co after the company said it will fully fund the purchase through new debt.

Cairn India Limited closed unchanged at Rs 290 after the U.S. crude oil futures fell third time on the speculation that the supply is ahead of demand.

Gujarat Gas Company Limited rose 0.3% to Rs 208.20 after the UK based BG Group Plc agreed to stake sale of 65.12% worth $422 million.

Jet Airways (India) Limited climbed 6.2% to Rs 432.55 after Foreign Investment Promotion board agree to consider the Etihad deal by June 14.

MMTC Limited plunged 10% to Rs 190.35 after the company priced its offering of Rs 60 for 97.35 million shares. The bids exceeded the offer size by 33%.

The government raised about Rs 567 crore after the stake sale.

Kallam Spinning Mills Limited tumbled 4.8% to Rs 22.85 after in the quarter net swung to loss Rs 1.57 crore compared to net profit Rs 1.02 crore a year ago period. Sales jumped 14.3% to Rs 51.64 crore.

For the year, net profit surged 925% to Rs 6.15 crore and sales climbed 20.4% to Rs 183.03 crore.

Sun Pharmaceutical Industries Limited declined 3.2% to Rs 949.45 after company agreed to pay a lump-sum $550 million as a part of a settlement in a case involving generic drug pantoprazole.

Tata Motors Limited slipped 3.5% to Rs 283 after the fears of weak sales at its subsidiary Jaguar Land Rover in the month of June.

Vardhman Industries Limited declined 2.1% to Rs 32 after the fourth quarter net loss widened to Rs 2.54 crore compared to Rs 0.97 crore a year ago period. Sales tumbled 8.7% to Rs 99.12 crore.

For the year, net profit plunged 69.2% to Rs 2.31 crore compared and sales declined 0.1% to Rs 382.91 crore.

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