Money on the markets
A maturing market amid the mayhem
Shares in Coal India rose 1.8 percent on Thursday to close at 328.45 rupees.
The company, which is the world’s largest coal miner, may miss the current fiscal year’s 460.5 million tonnes production target, its technical director said on Wednesday.
The government recently raised about 152 billion rupees through the sale of some of its holding in Coal India.
However, shares have eased a bit after hitting a high of 357.6 rupees on November 5, after a stellar IPO debut on November 4.
Will you take advantage of this fall to enter the stock?
Shares in Spanco rose 20 percent to hit the upper trading limit and a 52-week high after the company said it has got distribution franchise from Maharashtra State Electricity Distribution Co. worth 70 billion rupees.
Spanco shares closed nearly 15 percent higher at 199.45 rupees with volumes of over 2.5 million shares.
Shares in Power Grid, the world’s third-largest power transmission company, rose more than 5 percent to 103.75 rupees on Tuesday.
The company’s share sale (FPO) worth up to $1.7 billion was fully covered on its first day as investors sought what is seen as relatively safe exposure to surging electricity demand in the country.
Power Grid shares fell 3.6 percent to 98.35 rupees on Monday after the government set a price range for its follow-on share offer at a discount to 12-17 percent to Friday’s closing price.
Power Grid, which launches a share sale to raise up to $1.7 billion, aims to double capital spending to about $27 billion in the five years starting in April 2012 to meet booming demand for electricity.
The BSE Banking index rose 2.12 percent on Thursday as investors were optimistic about longer-term loan demand outlook in the economy.
Leading the index was IDBI Bank, which gained 5.2 percent, closely followed by SBI which ended 4.98 percent higher. Private sector lender ICICI gained 2 percent.
The BSE Banking index rose 3.38 percent on Monday, with India’s top private bank, ICICI, posting smart gains.
IndusInd Bank ended as the top sectoral gainer, adding more than 8 percent, while ICICI Bank ended nearly6 percent higher at 1231 rupees.