6:00 PM Mumbai, 8:30 AM New York – Industrial and power equipment companies surged in Mumbai trading as private and government linked companies place orders for equipment. Metals processor also gained after the rise of copper and other base metal prices. Indian unit of Procter & Gamble jumped after earnings surged.
Stocks in Mumbai increased for the seventh session in a row after the government cleared the Rs 40,000 crore power equipment orders for power plants built by NTPC and Damodar Valley Corporation. Separately, the government also set the base price for the third generation wireless spectrum auction.
The Sensex index in India increased 141.27 or 0.9% to 15,922.34 and CNX Nifty index rose 44.15 or 0.9% to 4,732.35. Among the Sensex 30 stocks, 21 advanced and 9 fell.
On BSE trading, 1,528 stocks advanced, 1,240 declined and 70 were unchanged.
Gainers & Losers
Oil India Ltd is expected to price its public offering on September 7.
Astra Microwave Products Limited gained 5.8% or Rs.4.65 to Rs.83.60 after the manufacture of radio frequency and microwave components received an order worth Rs.81.28 crore.
BGR Energy Systems Limited rose 4.4% or Rs.20.55 to Rs.480.95 after the power equipment supplier received thermal power project worth Rs.1,633.71 crore.
CESC Limited jumped 7.4% or Rs.26.50 to Rs.382.90 after the company is involved in the setting up of 600 MW thermal power generating station at Chandrapur, Maharashtra.
Gillette India Limited decreased 0.06% to Rs.915.00 after the shaving instrument maker said fourth quarter revenues rose 11% to Rs.184.04 crore from Rs.166 crore a year ago. Net profit for the quarter rose 27.3% to Rs.38.12 crore compared to net profit of Rs.29.94 crore a year ago.
Hindustan Zinc Limited decreased 0.3% or Rs.2.70 to Rs.723.00 after the zinc miner increased the prices of zinc and lead.
ICICI Bank Limited rose 1.7% or Rs.12.85 to Rs.763.65 and State Bank of India rose 1.5% or Rs.27.35 to Rs.1,781.55.
J.B. Chemicals & Pharmaceuticals Limited surged 1.7% or Rs.0.95 to Rs.52.35 after the pharmaceutical company received regulatory approval for the sale of generic version of Cetirizine, an antihistamine used in the treatment of allergies.
KEC International Limited jumped 7.9% or Rs.38.95 to Rs.529.15 after the engineering company was selected for the power project of Rs.780 crore.
Procter & Gamble Hygiene and Health Care Limited added 4.9% or Rs.50.00 to Rs.1,070.25 after the consumer goods company said net profit jumped 105.6% to Rs 47.77 crore in fourth quarter ending in June from a year ago.
Bharti Airtel rose 2.0% and Idea Cellular rose 0.6% after the government fixed the base price for the auction of 3G wireless spectrum at Rs 3,500 crore.
Madhucon Projects Limited advanced 13.6% or Rs.28.95 to Rs.244.00 on the media reports that the company may issue a stock bonus.
McNally Bharat Engineering Company Ltd fell 3.9% or Rs.8.05 to Rs.194.60 after the power turnkey solutions provider received 179 crore rupees from Hindalco Industries.
Steel Authority of India Limited gained 3.1% or Rs.5.10 to Rs.167.45 on speculation that the government will lower its stake in the company.
Tata Power Company Limited dropped 1.3% or Rs.18.45 to Rs.1,338.60 after the private power utility company said first quarter revenues rose 7% to Rs.4,377 crore from Rs.4,090 crore a year ago. Net profit for the quarter rose 160% to Rs.573 crore compared to net profit of Rs.220 crore.
Thermax Limited rose 7.5% or Rs.33.15 to Rs.469.95 after the company won order for Rs.255 crore for CFBC boilers.