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Market Update

India Movers: Bank of India, CBI, GAIL, Net 4 India, TCS

Author: Mukesh Buch
Last Update: 9:37 AM ET June 16 2014

6:00 PM Mumbai Bank of India is planning to raise nearly $1.5 billion. GAIL reduced its stake in Dahej, Gujarat based petrochemical project controlled by ONGC. Net 4 India net swung to a loss. TCS lowered its quarterly outlook.

The Sensex Index fell 37.69 to close at 25,190.48 The CNX Nifty slid 8.55 to 7,533.55.

Gainers & Losers

Bank of India slid slightly lower to Rs 289.40 after the bank seek shareholder approval to raise Rs 4,000 crore through an institutional offering.

The bank also plans to raise an additional Rs 5,745 crore through a debenture offering.

Central Bank of India gained 1.4% to Rs 77.55 and the bank fixed issue price of Rs 81.83 per share for preferential allotment of shares to Life Insurance Corporation.

GAIL (India) Limited jumped 3.9% to Rs 433.25 after the gas utility provider will reduced its equity stake in ONGC''s mega petrochemical project at Dahej to 11.6%.

Nitesh Estates Limited climbed 4.9% to Rs 17.20 after the real estate developer signed agreement to development of a gated community with 440 units in an area of 12 acres.

Net 4 India Ltd declined 4.9% to Rs 6.03 after the company reported fourth-quarter net swung to a loss of Rs 85.57 crore compared to net profit of Rs 3.19 crore and sales declined 67.7% to Rs 30.20 crore.

Tata Consultancy Services Limited jumped 2.4% to Rs 2,268.55 after the company lowered the operating earnings outlook by 100 basis points or 1% in the first-quarter on higher rupee.

The company said there is no change in revenue outlook issued during the conference call in April 2014.

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