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Market Update

India Movers: Asian Paints, AGC Networks, GMR, Infosys, ONGC

Author: Mukesh Buch
Last Update: 9:07 AM ET March 19 2013

6:00 PM Mumbai – Asian Paints acquired 51% stake in Sleek Group. AGC Networks acquired part of business of the U.S. based Transcend United Technologies. GMR is exploring to bid for $400 million airport upgrade project in Philippines. ONGC may acquire 20% stake in the Mozambique gas field.

The Sensex Index declined 285.10 or 1.5% to close at 19,008.10 The CNX Nifty dropped 89.30 to close at 5,745.95.

Shares of nearly 12 banks declined more than 2% after the Reserve Bank of India lowered the key policy rate by 25 basis points to 7.5% and kept cash reserve ratio unchanged at its mid-quarter review.

Gainers & Losers

Asian Paints Limited slipped 1.9% to Rs 4,909.05 after the company acquired 51% stake in the Sleek Group that makes kitchenware.

AGC Networks Limited rose 0.8% to Rs 126.95 after the company’s subsidiary acquired part of the business of US based Transcend United Technologies for an undisclosed amount.

GMR Infrastructure, Ltd declined 2.1% to Rs 20.70 after the company said it is exploring option to bid for $400 million airport upgrade project in the Philippines.

Coal India Limited fell 1.5% to Rs 298.15 and the coal miner said it supplied 309.70 million tons of coal to power manufacturers by February and covered 95% of the target.

Infosys Limited slid 0.2% to Rs 2,856.45 after offering online service to Indian postal service to develop and implement distribution platform for its rural operations.

Marico Limited jumped 3.1% to Rs 224.40 after the board of directors approved allotment of 21,200 equity shares under employees’ stock options.

Oil and Natural Gas Corporation Limited slumped 2.4% to Rs 309.70 after the company bid for 20% stake in the Mozambique gas field.

Sadbhav Engineering Limited gained 1.7% to Rs 116 after the company’s joint venture secured contract worth Rs 245.61 crore from Narmada Development Halon Division.

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