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Market Update

India Movers: Cinemax, Elder Pharma, ONGC, Prime Focus, Tech Mahindra

Author: Mukesh Buch
Last Update: 8:48 AM ET June 11 2013

6:00 PM Mumbai Cinemax approved the proposed merger with PVR. Elder Pharma surged after a stake sale. Regulators initiate an inquiry for coal block corruption against Jindal Steel & Power. ONGC withdrew its statement that it acuired Mozambique gas field from Videocon.

The Sensex Index declined 298.07 or 1.5% to close at 19,143 The CNX Nifty dropped 89.20 to close at 5,788.80.

Gainers & Losers

Cinemax India Limited surged 10% to Rs 138.30 after the company''s board approved the proposed merger with the multiplex chain operator PVR.

Elder Pharmaceuticals Ltd surged 5% but closed down 0.6% to Rs 338.20 after the media reports that promoters of the company intend to sell their stakes.

After the close, the company clarified that the promoters do not intend to sell their stake.

Jindal Steel & Power Limited tumbled 18% to Rs 218.90 after the reports the investigation agency filed FIR against the Jindal group into allegations of corruption in the allocation of coal blocks.

Oil and Natural Gas Corporation Limited declined 3.2% to Rs 310.70 after the company withdrew the statement of yesterday that ONGC Videsh and Oil India signed an agreement to buy a 10% stake in Mozambique gas field from Videocon Group for $2.48 billion.

Prime Focus, Ltd dropped 1.9% to Rs 36.60 on the report that foreign private equity fund was accumulating stake in the visual effects maker for films and advertisements.

Tech Mahindra Limited jumped 2.9% to Rs 968.20 after the Andhra Pradesh High Court gave its confirmation for their merger with Mahindra Satyam.

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