6:00 PM Mumbai, 8:30 AM New York – Stocks in Mumbai closed higher after Tata Consultancy Services Ltd quarterly net surged 33%. UltraTech Cement drops on poor quarterly earnings. Suzlon Energy wins order in Sweden. Jaiprakash Associates third quarter lower than expected net income.

The Sensex index in India increased 86.78 or 0.49% to 17,641.08 and CNX Nifty index rose 22.65 or 0.43% to 5,274.85. Among the Sensex 30 stocks, 19 rose and 11 fell.

On BSE trading, 1,573 stocks advanced, 1,346 declined and 72 were unchanged.

Reliance Industries edged lower in volatile trade. Realty stocks fell. But banking, auto and IT stocks gained. Banks closed higher on signs of improvement in credit growth.

The timing and sequence of exit from an easy policy is still a challenge, Reserve Bank of India Governor D Subbarao said today at a conference in Goa. The Reserve Bank of India is scheduled to review monetary policy on January 29.

Wholesale sugar prices in India have dropped in the past two to three days, while retail prices are expected to fall in two weeks, Farm Minister Sharad Pawar told reporters today.

Larsen & Toubro Power is expected to raise as much as $4.5 billion to fund its $5.5 billion thermal power plant project, according to managing director Ravi Uppal quoted on Bloomberg news. L&T Power is also working with Mitsubishi Heavy Industries Ltd to build 1,320 mw coal fired power plant in Surat, Gujarat.

The initial public offer of fast-food chain Jubilant Foodworks was subscribed 0.14 times on the first day of registration. The company has fixed IPO price band between Rs 135 and Rs 145 per share.

The company said during the weekend that it has received bids for 30.6 lakh shares at Rs 145 per share towards the anchor investor portion of the offer.

Gainers & Losers

Camlin Limited dropped 4.8% to Rs 25.60 after the consumer goods maker reported third quarter net loss of Rs 1.39 crore compared to net loss of Rs 1 crore a year ago.

CMI FPE Limited rose 5.0% to Rs 950.05 after the steel mill builder secured a contract for wide width cold rolling complex from Asian Colour Coated Ispat for an undisclosed sum.

Engineers India Limited surged 9.7% to Rs 2,283.00 and the company expects to price its public offering in the third quarter of this year.

FCS Software Solutions Limited rose 1.2% to Rs 15.75 after the company''s board approved an issuance of one bonus share for every share held.

Gail (India) Limited added 3.1% to Rs 438.70 after the natural gas distributor said third quarter sales rose 6% to Rs 6,187.8 crore from Rs 5,811.7 crore a year ago. Net profit for the quarter rose 240% to Rs 860 crore or Rs 6.78 per diluted share compared to net profit of Rs 253.3 crore or Rs 2.00 per share a year ago.

Hindustan Composites Limited climbed 7.9% to Rs 419.00 after the company announced that it has approved the sale of the company''s property situated at Ghatkopar, Mumbai for a total consideration of Rs 571 crores to Raghuleela Lessors and Developers Pvt. Ltd.

Hyderabad Industries Limited rose 5% to Rs 575.80 after fiber cement sheets producer reported third quarter net profit rose 120.5% to Rs 14.55 crore.

Jaiprakash Associates Limited decreased 0.7% to Rs 163.25 after the engineering and construction company said third quarter sales rose 114% to Rs 2,852.4 crore from Rs 1,334.4 crore a year ago. Net profit for the quarter fell 39% to Rs 103 crore compared to net profit of Rs 168.6 crore a year ago.

Maruti Suzuki India Limited increased 1.2% to Rs 1,434.00 after the company said it has raised the prices of some of its models.

NMDC Limited surged 9.9% to Rs 526.50 after the company is planning to set up a steel plant in Karnataka under a possible venture with ArcelorMittal, world’s largest steel maker.

ORG Informatics Ltd increased 8.4% to Rs 17.80 after the company secured an order worth Rs 14.05 crore.