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Market Update

India Movers: Bank of Baroda, L&T, ONGC and Tata Steel

Author: Mukesh Buch
Last Update: 9:00 AM ET March 13 2013

6:00 PM Mumbai – Bank of Baroda raised $170 million from the Government of India. Jet Airways sold parking slots in Brussels. L&T agreed to sell its stake in a joint venture to Komatsu. Tata Steel agreed to take 51% for $300 million in Canada based Labrador Iron Mines.

The Sensex Index declined 216.94 or 1.1% to close at 19,347.98 The CNX Nifty slumped 62.90 to close at 5,851.20.

Gainers & Losers

Bank of Baroda slipped 2.5% to Rs 720.55 after the bank raised Rs 850 crore through issue of 1.01 crore shares to the Government of India on preferential basis.

Jet Airways (India) Limited gained 1.2% to Rs 575.95 after the sale of parking slots in Brussels to Etihad Airways.

Kennametal India Limited plunged 6.6% to Rs 533.50 after the US based promoter plans to cut stake in the company to meet the regulatory requirements.

Larsen & Toubro Limited slid 0.3% to Rs 1,494.30 after the company is close to finalizing its stake sale to Japan based Komatsu Limited.

Oil and Natural Gas Corporation Limited slipped 2.5% to Rs 316.70 and the company is in a deal with Reliance Industries on the Krishna Godavari basin to work on oil blocks.

Puravankara Projects Limited dropped 3.9% to Rs 91.45 on the reports that the company plan to sell 4.5 crore shares to raise Rs 500 crore from promoters’ stake.

Tata Steel Limited fell 1.1% to Rs 351.95 after its subsidiary agreed to buy 51% stake valued $30 million in cash for iron ore project from Labrador Iron Mines Canada.

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