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A maturing market amid the mayhem
Shares in Reliance Industries, which have the heaviest weight in the benchmark index, closed 1.7 percent lower on Tuesday. The BSE Oil & Gas Index closed 1.69 percent lower.
Indian markets struggled as as military tensions in Korea, a local corruption scandal and Ireland’s financials troubles spooked investors.
Other oil & gas counters like IOC slipped nearly 5 percent, while Aban Offshore slipped 4.1 percent.
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Shares in microlender SKS Microfinance rose 5.75 percent to close at 714.45 rupees on Monday.
Shares took a beating on Thursday and fell 20 percent after the lender said the new regulations could squeeze profit and revenue. However, SKS on Friday said its balance sheet was healthy.
The BSE Metals index gained 1.9 percent on Thursday, with stocks like Hindalco and JSW Steel posting top gains.
Hindalco shares closed 4.8 percent higher at 222.35 rupees, JSW Steel gained 3.5 percent. Jindal Steel and Power ended down 1.8 percent as the top sectoral loser.
Shares in Reliance Capital fell on the first day of trade after the company declared on Saturday consolidated net profit had declined 28 pct to 1.12 billion rupees.
The stock had hit a 52-week high of Rs 929.25 on January 19, 2010 and a 52-week low of Rs 611.30 on 21 May 2010.
It was a tough day for those who invest in real estate stocks as the BSE Realty index fell 4.76 percent on Friday, in a Mumbai market that fell more than 400 points.
Sobha Developers was worst hit in the sector, ending down 6 percent. Unitech shares fell 5.9 percent, while DLF slipped 5.46 percent.
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.
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.