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Market Update

India Movers: Indian Government to Sell $2.2 Billion Stake in Utility NTPC

Author: Mukesh Buch
Last Update: 7:57 AM ET February 06 2013

6:00 PM Mumbai – Apollo Tyres third quarter net surged 73% and Bajaj Electricals net plunged 64.4%. IRB Infrastructure net soared 38.5% and Jindal Saw net jumped 64.3%. Indian government will sell 9.5% stake NTPC to raise $2.2 billion.

The Sensex Index slipped 20.10 to close at 19,639.72 The CNX Nifty edged up 2.30 to close at 5,959.20.

Gainers & Losers

Apollo Tyres Ltd slid 0.4% to Rs 84.85 after net profit in the third quarter surged 73.4% to Rs 73.82 crore.

Automotive Axles Limited jumped 4.2% to Rs 349.75 after net profit in the third quarter declines 69.2% to Rs 6.08 crore.

Bajaj Electricals Limited surged 6% to Rs 194.75 after third quarter net profit plunged 64.4% to Rs 11.68 crore.

Gateway Distriparks Limited rose 0.5% to Rs 133.30 after net profit in the third quarter dropped 37.1% to Rs 13.03 crore.

Essel Propack Limited climbed 4.3% to Rs 37.60 after its Poland based subsidiary won long term contract from multinational food processing company to supply tubes in Europe.

IRB Infrastructure Developers Ltd surged 5% to Rs 124.30 after net profit in the third quarter soared 38.5% to Rs 49.45 crore.

Jindal Saw Limited gained 2.2% to Rs 108.85 after net profit in the third quarter jumped 64.3% to Rs 60.03 crore.

J. B. Chemicals & Pharmaceuticals Ltd increased 1.3% to Rs 87.70 after the company swung to third quarter net profit to Rs 21.87 crore from net loss of Rs 5.17 crore a year ago.

Kotak Mahindra Bank Limited climbed 2.1% to Rs 692.65 after the bank acquired the business loans portfolio of the Barclays Plc’s Indian subsidiary.

NTPC Limited slumped 2.1% to Rs 152.30 after the government decided to sell about 9.5% stake to raise about $2.26 billion. The largest stake sales from the government ahead of the closure of financial year in March.

Thomas Cook (India) Limited advanced 2.6% to Rs 55.25 after agreed to acquire 74% stake in IKYA Human Capital Solutions for $ 47 million.

United Bank of India declined 4% to Rs 67.85 after net profit in the third quarter tumbled 81.3% to Rs 42.20 crore.

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