Money on the markets
A maturing market amid the mayhem
Shares in leading engineering and construction firm L&T continued their climb and closed 3.26 percent higher on Tuesday, after a good set of quarterly numbers declared on Monday.
The firm had said it was upbeat on outlook, which helped the stock reach its best closing level in four months.
JPMorgan has raised the stock to “overweight” from “neutral”, while Deutsche Bank has upgraded the share to “buy” from “hold”.
The company on Monday said its order backlog stood at more than 1 trillion rupees at the end of March.
Shares in ABB surged 23.4 percent to 831 rupees on Monday after promoter ABB Asea Brown Boveri Ltd sought to buy up to 22.9 percent in the firm at 900 rupees a share.
The offer was at about 34 percent premium to Friday’s closing price. Shares in ABB ended trade with volumes of 1.17 million shares.
Shares of personal products maker Godrej Consumer Products vaulted nearly 14 percent on Thursday to the top of the BSE Mid-cap index with volumes of 0.65 million shares.
On Wednesday, U.S.-based Sara Lee Corp had announced it would sell its 51 percent stake in Godrej Sara Lee Ltd joint venture to Godrej Consumer Products for $233.7 million. Godrej on Thursday said its revenues would rise 86 percent in FY11 following the buyout.
Metal stocks felt the heat on Tuesday after surging in the previous session, pulling the BSE Metals Index down 2.57 percent as copper prices dropped in London on euro zone worries.
The longer-term demand outlook in Europe and China also weighed on metal stocks and the sectoral index closed as the worst performer.
Shares in Cipla fell more than 6 percent on Monday to close at 319 rupees, even as the BSE Sensex surged 561 points.
Shares of the drugmaker tumbled as its March quarter net profit, announced on Friday, were below estimates.
Shares of healthcare companies traded firm on Thursday, helping push the sectoral index up 1.4 percent to the top of the gainers’ list.
Ranbaxy Labs gained 3.3 percent and ended as the top gainer in the healthcare index. Cipla and Sun Pharma were also among the shares that clocked decent rises.
Shares in Bharti Airtel, India’s top mobile operator, gained 2.6 percent on Wednesday and ended the top gainer among Sensex components, even as the benchmark closed weak near its 2-month low.
Its shares had declined 2.9 percent over the two earlier sessions.
Rival firm Reliance Communications’ shares however ended weak after losing 1.05 percent. Idea Cellular closed marginally in red.
Shares in Reliance Natural slipped 7.55 percent on Tuesday and ended as the top loser in the BSE Oil & Gas index. The benchmark index dropped nearly 250 points.
The Supreme Court is expected to rule by next week on a long and high-profile gas pricing dispute between the Ambani brothers.
Metal companies fared badly at the bourses on Monday, causing the BSE Metal Index to drop nearly 2 percent.
Iron ore firm Sesa Goa ended as the top loser in the index, dropping more than 6 percent to 401.55 rupees. Gujarat NRE Coke shares slipped 4.3 percent.