Idea Cellular rose nearly 4 percent after Emirates Telecommunication Corp, the Arab world’s second-largest telecom operator by market value, said it had not ruled out investing in the company.
However, the Abu Dhabi-based operator said that it does not expect a deal with Reliance Communications in 2010.
Reliance Communication is the only major local cellular carrier without a foreign strategic investor in the world’s fastest-growing mobile market.
Shares in Mahindra Satyam ended 10.6 percent higher at 91.40 rupees after gaining over 11 percent in trade on Friday after the outsourcer won a multi-million dollar deal from a large health insurer a day earlier.
Earlier last month, a court in Hyderabad granted bail to the former chairman and founder of outsourcer Satyam Computer Services, subsequently renamed Mahindra Satyam, in a case of accounting fraud that turned out to be India’s biggest corporate scandal.
Metal stocks surged higher as major steelmakers planned to raise
prices this month citing firm global rates and rising input costs,
company officials told Reuters on Thursday.
Steel Authority of India (SAIL) has cut discount by 1,000 rupees a
tonne on flat products while JSW Steel raised prices by 3-4 percent on
higher international prices and input cost.
Shares in Reliance Industries closed 3 percent lower on Tuesday, a day after the company pushed ahead with its diversification plan by acquiring a stake in hotel chain EIH for $217.5 million.
Reliance is already active in petrochemicals, refining, oil and gas, and retail.
Tata Steel ended 3.5 percent higher at 527 rupees after the company said on the weekend its unit Corus has reached an agreement with Thailands SSI on the potential $500 million sale of its mothballed Teesside plant.
Shares in Tata Steel were among the biggest gainer among the Sensex stocks and ended with volumes of 1.9 million shares on BSE.
Shares in Cairn India ended 4.3 percent higher on Friday following reports that India-focused Vedanta Resources was likely to take a 51 percent controlling stake for $8 billion to $8.5 billion.
The source said the deal is expected to be announced on Monday.
Vedanta Resources is in talks with Cairn Energy, which has a 62.37 percent stake in Cairn India, to buy a stake in the parent company’s Indian unit, both companies confirmed on Thursday.
Shares in Educomp Solutions fell 9.7 percent on Wednesday with institutional investors selling off in the education services provider after its disappointing April-June results.
Educomp reported on Tuesday net profit for the quarter rose 22 percent, but brokerages were concerned about falling margins.
Export-oriented software companies shed the most today, with the BSE IT index declining 1.4 percent after the recent rally in IT stocks.
Leading the index decline were heavyweights Infosys, Oracle Finance and TCS, which dropped 1.4 percent, 1 pct and 1.5 percent respectively. TCS and Infosys were the top Sensex losers too.
The BSE Auto Index ended 1.1 percent higher on Monday, buoyed by data that showed a record 158,764 cars were sold last month.
Data from the Society of Indian Automobile Manufacturers (SIAM) showed car sales rose 38 percent in July, as customer sentiment remained strong on hopes of strong economic growth and a fall in food prices.