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Market Update

India Movers: GMR, Godrej, Jyothi, Mahindra Holidays, RCom

Author: Mukesh Buch
Last Update: 9:12 AM ET December 04 2013

6:00 PM Mumbai GMR Infra plan to sell Emco Energy Ltd. Godrej Properties to buy back 49% stake in a Kolkata subsidiary. Mahindra Holidays sold its stake in two Austrian subsidiaries. RCom raised mobile internet data rates and reduced data limits.

The Sensex Index slipped 146.21 or 0.7% to close at 20,708.71. The CNX Nifty decreased 40.90 to close at 6,160.95.

Gainers & Losers

Bharat Heavy Electricals Limited rose 0.5% to Rs 164.10 after the minister of heavy industries reversed his earlier statement of a possible disinvestment in the company in December.

GMR Infrastructure Ltd fell 0.9% to Rs 20.45 and the company plans to sell its recently commissioned unit Emco Energy Limited with an expected enterprise value between Rs 4,388 crore and Rs 4,828 crore.

Godrej Properties Limited slipped 1% to Rs 166.25 and the company plans to buy back 49% stake in a subsidiary in Kolkata for an undisclosed amount from a private equity firm Red Fort. Red Fort help 49% in the subsidiary.

Jyothy Laboratories, Limited soared 5.9% to Rs 199.70 after the company allotted 1.5 crore equity shares worth Rs 262.72 crore to Sahyadri Agencies on preferential allotment basis.

Mahindra Holidays & Resorts India Ltd gained 1.5% to Rs 254.70 after the company said it has sold its stakes in two Austrian subsidiaries BAH Hotelanlagen AG and MHR Hotel Management GmbH for an undisclosed amount.

Orient Bell Ltd rose 0.5% to Rs 50 after the company signed licensing deal with Disney Consumer Products India to launch Disney and Marvel branded tiles collection in India.

Reliance Communications Ltd dropped 2.3% to Rs 136.30 after the company raised 3G mobile internet data rates by 26% and reduced benefit on internet packages by up to 60%.

The company increased the cost of 1 GB of 3G internet usage to Rs 156 from Rs 123.

Under the internet plan for higher data packages prices at Rs 246 and Rs 492 respectively, the company reduced the usage limit from 2GB to 1.5 GB and from 4 GB to 3 GB.

Thomas Cook India Ltd increased 1.4% to Rs 81.90 after the company said it has expanded its footprint in South India and launch its new branch outlet in Puducherry.

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