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Market Update

India Movers: Diamond Power, Essar Oil, NTPC, Power Grid, SAIL

Author: Mukesh Buch
Last Update: 9:12 AM ET September 03 2013

6:00 PM Mumbai Diamond Power secured orders worth $30.5 million. Essar Oil and ONGC are short-listed for $4.4 billion oil field license in Iraq. SAIL said August sales climbed 16%. Steel Strips August sales soared 16%.

The Sensex Index plummeted 651.47 or 3.5% to close at 18,234.66 The CNX Nifty declined 209.30 or 3.8% to close at 5,341.45.

Gainers & Losers

Diamond Power Infrastructure Limited gained 1.2% to Rs 42 after the company secured orders worth $30.48 million to export cables and conductors.

Essar Oil Limited slumped 3.2% to Rs 57.70 and Oil & Natural Gas Corporation Limited are short-listed to bid for $4.4 billion to develop Iraq based Nassiriya oil field and construct new refinery.

NTPC Limited dropped 2% to Rs 128 and the company plans to bid for two ultra mega power projects worth Rs 20,000 crore each in Odisha and Tamil Nadu.

Power Grid Corporation of India Limited declined 3.5% to Rs 95.65 and the company in a consortium has won contract for $21 million from Ethiopian Electric Power Service Corporation.

Religare Enterprises Limited slipped 1.2% to Rs 334.15 and the company plans to acquire Macquarie''s stake in its wealth management joint venture.

Radico Khaitan Limited climbed 4.9 to Rs 125.60 and the company plans to sell its 26% stake worth Rs. 870 crore in Japan based private liquor company Suntory Holdings Limited.

Steel Authority of India Limited rose 0.2% to Rs 47.45 after the company reported steel sales climbed 16% to 10,86,000 tons in August.

Steel Strips Wheels Limited surged 13.9% to Rs 132.40 after the company said sales in August surged 16% to 9,71,000 units a year ago month.

Tech Mahindra Limited increased 1.8% to Rs 1,399.70 after the Reserve Bank of India allowed to increase the foreign shareholding limit in the software services provider.

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