Update 1
Sensex dips 135 points; IT, banking stocks declines
The market made further inroads into the negative terrain as intensified selling spree was witnessed in the index heavyweights, among the participants. IT, telecom, steel, banking, auto and pharma led the declines.
The BSE Sensex is currently trading at 13,638.46, down 135.13 points (11.56 a.m).
Out of the total 2358 stocks traded so far on the bourses, 937 have moved up, 1344 have dropped and 77 remained unchanged.
Leaders on the index include Hero Honda, which inched up 0.75% to Rs 738.60, Grasim, which moved up 0.46% to Rs 2706, Gujarat Ambuja, which gained 0.24% to Rs 143.50 and ACC, which went up 0.01% to Rs 1108.80.
Laggards on the BSE Sensex were Wipro, that declined 2.77% to Rs 585, Satyam, that dipped 2.34% to Rs 453.65 and Infosys, that slid 2.21% to Rs 2178. NTPC, ICICI Bank and Tata Steel are the other losers.
IT pivotals drop as ADRs fall
IT pivotals witnessed an across the board fall following decline in their ADRs on Monday.
Rising rupee verses the US dollar also triggered profit taking in IT scrips which had surged recently.Wipro shed 2.5% to Rs 586.50, Satyam Computer shed 2.3% to Rs 453.60, Infosys shed 2% to Rs 2182, HCL Tech shed 1.3% to Rs 632.50 and TCS lost 1.1% to Rs 1144.Majority of the Indian ADRs ended in the red on Monday in a weak US market. Infosys ADR lost nearly 3% to $51.98, Satyam Computer ADR shed 3.2% to $22.99 and Wipro ADR lost 1.9% to $15.25.
High volumes mark debut of Torrent Power
Torrent Power the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group was trading at Rs 69.65 on BSE.
The stock was listed on the bourses today. The stock hit a low of Rs 55.50 and high of Rs 76.30. Early volumes in the scrip were a huge 49.1 lakh shares on BSE.
Sadbhav Engineering, PBA Infrastructure build on new order
Sadbhav Engineering rose 3.6% to Rs 500 and PBA Infrastructure gained 2.6% to Rs 142 after Sadbhav Engineering said its joint venture with PBA Infrastructure has secured a construction contract worth Rs 297 crore.
Sadbhav has a 51 percent stake in the joint venture and PBA 49%.Both Sadbhav Engineering and PBA Infrastructure scrips had surged ahead of the announcement which hit the market in early trade today. From Rs 400.60 on 23 November, Sadbhav surged 482.40 on 27 November. The scrip of PBA Infrastructure had spurted on 27 November. It had risen 5% on that day to Rs 138.40.
Only last week, Sadbhav Engineering was awarded the projects worth Rs 216.34 crore by the Government of Andhra Pradesh Irrigation and CAD Department. In early August 2006, Sadbhav had bagged a Rs 560-crore road construction project to improve and widen the Sardar Patel Ring Road around Ahmedabad from the City's urban development authority.
The market made further inroads into the negative terrain as intensified selling spree was witnessed in the index heavyweights, among the participants. IT, telecom, steel, banking, auto and pharma led the declines.
The BSE Sensex is currently trading at 13,638.46, down 135.13 points (11.56 a.m).
Out of the total 2358 stocks traded so far on the bourses, 937 have moved up, 1344 have dropped and 77 remained unchanged.
Leaders on the index include Hero Honda, which inched up 0.75% to Rs 738.60, Grasim, which moved up 0.46% to Rs 2706, Gujarat Ambuja, which gained 0.24% to Rs 143.50 and ACC, which went up 0.01% to Rs 1108.80.
Laggards on the BSE Sensex were Wipro, that declined 2.77% to Rs 585, Satyam, that dipped 2.34% to Rs 453.65 and Infosys, that slid 2.21% to Rs 2178. NTPC, ICICI Bank and Tata Steel are the other losers.
IT pivotals drop as ADRs fall
IT pivotals witnessed an across the board fall following decline in their ADRs on Monday.
Rising rupee verses the US dollar also triggered profit taking in IT scrips which had surged recently.Wipro shed 2.5% to Rs 586.50, Satyam Computer shed 2.3% to Rs 453.60, Infosys shed 2% to Rs 2182, HCL Tech shed 1.3% to Rs 632.50 and TCS lost 1.1% to Rs 1144.Majority of the Indian ADRs ended in the red on Monday in a weak US market. Infosys ADR lost nearly 3% to $51.98, Satyam Computer ADR shed 3.2% to $22.99 and Wipro ADR lost 1.9% to $15.25.
High volumes mark debut of Torrent Power
Torrent Power the umbrella company of the newly amalgamated generation, transmission and distribution businesses of the Torrent Group was trading at Rs 69.65 on BSE.
The stock was listed on the bourses today. The stock hit a low of Rs 55.50 and high of Rs 76.30. Early volumes in the scrip were a huge 49.1 lakh shares on BSE.
Sadbhav Engineering, PBA Infrastructure build on new order
Sadbhav Engineering rose 3.6% to Rs 500 and PBA Infrastructure gained 2.6% to Rs 142 after Sadbhav Engineering said its joint venture with PBA Infrastructure has secured a construction contract worth Rs 297 crore.
Sadbhav has a 51 percent stake in the joint venture and PBA 49%.Both Sadbhav Engineering and PBA Infrastructure scrips had surged ahead of the announcement which hit the market in early trade today. From Rs 400.60 on 23 November, Sadbhav surged 482.40 on 27 November. The scrip of PBA Infrastructure had spurted on 27 November. It had risen 5% on that day to Rs 138.40.
Only last week, Sadbhav Engineering was awarded the projects worth Rs 216.34 crore by the Government of Andhra Pradesh Irrigation and CAD Department. In early August 2006, Sadbhav had bagged a Rs 560-crore road construction project to improve and widen the Sardar Patel Ring Road around Ahmedabad from the City's urban development authority.
posted by SY at 12:14 PM
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