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Market Update

India Movers: Bombay Dyeing, Jet Airways, NTPC, ONGC, Tata Power

Author: Mukesh Buch
Last Update: 9:32 AM ET November 21 2013

6:00 PM Mumbai Bombay Dyeing rose after High Court approved land exchange. Jet Airways board approved 24% stake sale to Etihad. NTPC received regulatory approval to raise Rs 1,750 crore tax-free bonds. ONGC signed agreement with PetroVietnam for joint exploration.

The Sensex Index declined 406.08 or 2% to close at 20,229.05. The CNX Nifty dropped 123.85 or 2% to close at 5,999.05.

Gainers & Losers

Bombay Dyeing and Manufacturing Company rose 0.5% to Rs 69.75 after Bombay High Court allowed the company to surrender its land in Wadala in lieu of its land in Lower Parel to BMC and MHADA.

The company surrendered 66,651 square meter of land to various government agencies and at a single location in its Spring Mills plot at Wadala and won an approval to develop 25 acres of land at Lower Parel that will include apartments, hospital, schools and retail stores.

Bombay Realty, a division of Bombay Dyeing is looking to develop the rest of 45-acre land plot in Wadala for residential projects.

Bhushan Steel Limited slid 0.6% to Rs 482 after the Odisha State Pollution Control Board ordered closure of the power plant and steel rolling mill for the lack of environmental approval.

Jet Airways (India) Limited fell 0.1% to Rs 325.40 and the company board approved the 24% stake sale to Abu Dhabi-based Etihad Airways for Rs 2,069 crore.

NTPC Limited declined 2.6% to Rs 150.10 after the market regulator SEBI approved to raise up to Rs 1,750 crore through tax-free bonds in the current financial year.

Oil & Natural Gas Corporation Limited dropped 2.2% to Rs 270.60 and the oil and gas explorer signed an agreement with PetroVietnam for joint exploration of energy fields.

Sterling Biotech Limited surged 20% to Rs 8.89 after the company''s bond holders approved the bond exchange with the zero coupon convertible bonds due 2018.

Tata Power Company Limited slumped 2.6% to Rs 77.40 and the company won a conditional approval to raise the tariff for electricity generated from its power project in Mundra.

The Supreme Industries Limited fell 0.03% to Rs 388.25 and the company plans to invest Rs 250 crore in the year ending June 2014.

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