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Market Update

India Movers: BHEL, Federal Bank, Geometric, Reliance, TRIL, Trent

Author: Mukesh Buch
Last Update: 9:07 AM ET March 24 2014

6:00 PM Mumbai BHEL secured a large contract worth Rs 3,000 crore from NTPC. Federal Bank received approvals to increase foreign investment stake up to 74%. IIFL completed sale of its stake in two Sri Lankan subsidiaries. RIL increase gas price from April.

The Sensex Index climbed 300.16 or 1.4% to close at 22,055.48. The CNX Nifty jumped 88.60 to close at 6,583.50.

Gainers & Losers

Bharat Heavy Electricals Limited rose 0.7% to Rs 188.20 after the company secured a contract worth Rs 3,000 crore from NTPC to supply 2x800 mega watts supercritical boilers.

The Federal Bank Limited gained 0.4% to Rs 91.50 after the government approved to increase foreign investment stake limit from 49% to 74% for its paid up capital.

Geometric Ltd declined 4% to Rs 116.15 after the company clarified there is no plan to sell its stake to any private equity firm.

IIFL Holdings Ltd slipped 0.6% to Rs 75.35 after the company completed sale of its stake in two Sri Lankan subsidiaries.

Reliance Industries Limited increased 1.8% to Rs 904.60 after the company increased its KG-D6 gas price by 10% over and above the new rate of $8.3 from April 1.

Transformers & Rectifiers (India) Ltd slid 0.9% to Rs 92.15 after the company won a Rs 66 crore contract from Gujarat Energy Transmission Corporation.

Trent Ltd dropped 1.3% to Rs 1,040.50 after the U.K.-based retailer Tesco signed an agreement to form a equal ownership joint-ventures in Trent Hypermarket that operates Star Bazar.

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