RCom (6.4% down)
Reliance Communications Ltd (RCom) fell 6.4% after CNBC-TV18 reported that the Securities and Exchange Board of India has started to look into the company’s special audit report matter. The audit report was submitted to the department of telecommunications on 6 October.
GVK Power (7.6% up)
GVK Power and Infrastructure Ltd gained 7.6% after CNBC-TV18 reported that the company is planning to increase its stake in Mumbai International Airport Ltd to 50% from the current 37%. The company plans to acquire 13% stake from its consortium partner Bidvest Group.
Sesa Goa (13.3% up)
The Sesa Goa Ltd share closed 13.3% higher after Rio Tinto raised its 2009 iron output outlook by 5-7.5% and lifted 2009 iron ore target to 210-215 million tonne. Analysts expect iron ore prices to rise up to 15% in 2010 whereas producers took a cut of 33-44% on prices this year.
JM Financial (10% up)
Shares of JM Financial Ltd were up 10% after CNBC-TV18 reported that the Andhra Pradesh high court quashed the look-out notice against Nimesh Kampani. The court stayed all proceedings against Kampani. The company’s shares closed at Rs48.05 each on Wednesday.
PTC (20.7% up)
PTC India Ltd gained 20.7% after the Central Electricity Regulatory Commission said it proposes to raise trading margins and appointed KPMG to conduct a study on the margins. Analysts expect an additional net profit of around Rs10 crore if PTC sells 5.2 billion units at the new tariff rates.
Vishal Retail (1.65% up)
The Vishal Retail Ltd share was up 1.65% after the firm told CNBC-TV18 that the it is looking to prolong its debt repayment period. The company is looking to raise Rs50-100 crore through qualified institutional placement (QIP) and hopes to complete its corporate debt restructuring before the QIP issue.
Dena Bank (7% up)
Shares of Dena Bank gained 7% on reports that the government is looking to subscribe to a preferential issue of Bank of Baroda (BoB), Oriental Bank of Commerce and Dena Bank that could raise its stake in these banks by 10%. BoB has asked for a capital infusion of Rs5,000-6,000 crore.
Nagarjuna (5.9% up)
Shares of Nagarjuna Construction Co. Ltd (NCC) closed 5.9% higher after the Hyderabad-based company won a $387 million order from the government of Oman to build the second phase of a coastal road. The 240km road is to be completed in two years’ time.