Nalco (15.2% up)
Shares of National Aluminium Co. (Nalco), India’s third largest aluminium maker, surged 15.2% on Tuesday on reports that the government seeks to split the company into three verticals, i.e. Nalco Aluminum, Nalco Power and Nalco International in the next 2-4 years.
Godrej Properties (9.6% up)
Shares of Godrej Properties Ltd rose 9.6% on the first day of listing. The shares touched a high of Rs586.70 during the day, after having opened at Rs514.75. The company management told CNBC-TV18 that it has already announced a project in Vikhroli and will gradually develop it.
MTNL (10.5% up)
The Mahanagar Telephone Nigam Ltd (MTNL) stock jumped 10.5% on market speculation that the government may accept its pension bill after the company wrote to the department of telecom. The firm’s wage bill rose by Rs600 crore to around Rs2,200 crore in FY’09 primarily due to payment of pension to employees.
Hindalco (7.2% up)
Shares of Hindalco Industries Ltd, the metals flagship company of the Aditya Birla Group and the country’s biggest aluminium makers, rose 7.2% on talks that UC Rusal, the world’s largest alumina and aluminium producer with assets focused in Russia, is looking to raise $1.9-2.6 billion (Rs8,778-12,012 crore).
Gujarat NRE Coke (7.8% up)
Shares of Gujarat NRE Coke Ltd rose 7.8% on speculation that coke prices will move up by 20-25%. The company’s management told CNBC-TV18 that in the last one-two weeks there has been renewal of demand and uptrend in the market. Prices are expected to move up substantially in next two-three weeks.