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Market Update

India Movers: BHEL, IPCA Lab, Jet Airways, NTPC, Power Grid

Author: Mukesh Buch
Last Update: 8:22 AM ET November 19 2013

6:00 PM Mumbai Ė BHEL secured contract worth Rs 1,300 crore from NTPC. FT India sold its stake in ICE Singapore Holdings for $150 million. NTPC terminated its Rs 700 crore contract with the Italy-based company. Power Gridís $1.2 billion offering is likely to open on December 3.

The Sensex Index gained 40.08 or 0.2% to close at 20,890.82. The CNX Nifty rose 14.35 to close at 6,203.35.

Gainers & Losers

Ansal Properties & Infrastructure Ltd jumped 4.9% to Rs 22.65 after net profit in the second-quarter surged to Rs 32.43 crore and sales climbed 34.9% to Rs 444.34 crore.

Bharat Heavy Electricals Limited rose 0.8% to Rs 141 after the company secured contract worth Rs 1,300 crore from NTPC.

Financial Technologies (India) Limited added 2.1% to Rs 185.05 after the companyís Singapore based subsidiary sold its stake in SMX to ICE Singapore Holdings for $150 million.

IPCA Laboratories Limited slid 0.04% to Rs 682.75 and the company agreed to acquire 50% stake of Avik Pharmaceutical for Rs 6.51 crore.

Jet Airways (India) Limited jumped 3.3% to Rs 320.55 and the airline is expected to finalize 24% preferential stake sale to Abu Dhabi-based Etihad for about Rs 2,058 crore.

On April 24, Etihad Airways acquired 24% stake in Jet Airways and invested $379 million.

Tail Winds, investment vehicle used by Jet Airways founder Naresh Goyal sold 7.89% stake for more than Rs 211 crore in open market. The average price for sale was Rs 310.15 a share.

After the transaction, Tail Winds will hold 51% stake in the airline and Etihad will control 24% and public shareholders will have 25%.

The airline said its net loss in the second-quarter widened to Rs 891.01 crore compared to Rs 99.67 crore in a quarter a year ago. Revenues grew 1.7% to Rs 4,267.77 crore.

NTPC Limited slid 0.4% to Rs 155 after the company terminated its Rs. 700 crore turbine contract with Italy-based Ansaldo for its plant in Uttar Pradesh.

Power Grid Corporation of India Limited slipped 1.1% to Rs 94.95 and the companyís $1.2 billion offering is expected to open on December 3.

Sadbhav Engineering Limited gained 1.6% to Rs 73.20 after the company was declared as a successful bidder by Delhi Metro Rail Corporation for a contract valued Rs 50.96 crore.

Suven Life Sciences Limited soared 8.2% to Rs 73.35 after net profit in the second-quarter soared to Rs 45.55 crore and net sales surged to Rs 151.41 crore.

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