6:00 PM Mumbai, 8:30 AM New York – Sterlite Industries is in process of raising $1.5 billion to fund its power generation business. Indian government plans to raise $22.5 billion by the end of September to fund its budget deficit and infrastructure development. Larsen & Toubro and Bajaj Auto earnings surge.
The Sensex index in India decreased 2.99 or 0.02% to 14, 250.25 and CNX Nifty index fell 2.10 or 0.05% to 4,231.40. Among the Sensex 30 stocks, 16 decreased and 14 increased.
On BSE trading, 1,456 stocks increased, 1,134 decreased and 93 were unchanged.
The Wholesale price index for one year ending on July 4 declined 1.2% and at the end of previous declined 1.55%.
India plans to raise 12 kharab rupees or $22.5 billion through government bond auction according to a statement by the Deputy Governor of Reserve Bank of India Shyamala Gopinath. This bond offering will be completed in ten auctions by the end of September and will be in addition to the 100 arawb rupees or $2.4 billion.
Gainers & Losers
Bajaj Auto Limited added 5.1% to Rs. 1,150.05 after net profit jumped 67.6% to Rs 293.49 crore in first quarter June 2009 from a year ago.
Godrej Industries was locked at the upper limit of 10% at Rs 135.70 on reports its majority owned real estate arm Godrej Properties received regulatory approval to raise funds through an initial public offering.
Hero Honda Motors Limited the manufacture of motorcycles surged 3.1% to Rs. 1,538.25.
Honda Siel Power Products Limited slid 0.6% to Rs. 163.00 after net sales declined 39.6% to Rs. 41.61 crore in first quarter June 2009 compared to a year ago.
Larsen & Toubro fell 2.81% to Rs 1,389.90 on profit booking even as net profit surged 218% to Rs 1,598.20 crore in first quarter June 2009 over first quarter June 2008.
Nakoda Textile Industries rose 2.39% to Rs 40.65 after net profit surged 55.8% to Rs. 5.58 crore in second quarter June 2009.
Swaraj Engines jumped 4.98% to Rs 290 after net profit rose 90.0% to Rs 9.71 crore in first quarter June 2009 over first quarter June 2008.
Vinati Organics rose 5.74% to Rs 136.40 after the company said its board will meet on 24 June 2009 to consider stock split.
Banks closed lower.
HDFC Bank advanced 0.2% or Rs. 3.55 to Rs. 1,384.90, ICICI Bank the banking company lost 0.2% or Rs. 1.40 to Rs. 695.05 and State Bank of India the commercial bank fell 1.6% or Rs. 26.55 to Rs. 1,607.35.
Sterlite Industries (India) Ltd sold 123.5 million shares in an offering to the U.S. investors at $12.15 a share according to the company. The company raised $1.5 billion to complete its power generation and acquisition projects. Vedanta, the controlling shareholder with 61.7% stake in the company subscribed to $500 million in offering.
Asian Markets Review
The Nikkei 225 Index in Tokyo closed higher 74.91 or 0.81% to 9,344.16, Hang Seng index in Hong Kong increased 103.21 or 0.57% to 18,361.87 and CSI 300 index in China higher 7.94 or 0.23% to 3,501.24. The ASX 200 index in Australia increased 71.10 or 1.81% to 3,995.60. The FTSE Bursa KL Composite index in Malaysia closed higher 11.64 or 1.06% to 1,108.88.
The Kospi Index in South Korea increased 11.36 or 0.80% to close at 1,432.22. SET index in Thailand closed lower 5.12 or 0.87% to 582.74 and JSE Index in Indonesia decreased 5.33 or 0.25% to 2,117.95. The Sensex index in India decreased 2.99 or 0.02% to 14,250.25.
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