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Sensex ends flat after insipid day

This article was posted on Jun 29, 2009 and is filed under Market News

Sensex gained 21 points or 0.2% to end at 14,785 Nifty gained 15 points or 0.3% to shut shop at 4,391.

The BSE Sensex gained 21 points or 0.2% to end at 14,785 after touching a high of 14,956 and a low of 14,685. The index had opened at 14,815 against the previous close of 14,764.

The NSE Nifty gained 15 points or 0.3% to shut shop at 4,391.

Among the BSE Sectoral indices BSE Consumer Durables index was the top gainer surging 4.2%, followed by the BSE Realty index up 3%, BSE Metal index up 2.6% and BSE Oil & Gas index up 2.4%.

Even the BSE Mid-Cap index ended higher by 1.1% and BSE Small-Cap index added 1.5%.

However, the BSE IT index slipped 2%, BSE Teck index down 1.2% and BSE Auto index slipped 0.5%.

In the Sensex, the major gainers were, Sterlite Industries, DLF, Reliance Industries, ONGC, Tata Steel, BHEL, Hindalco and NTPC.

On the other hand, major losers were Tata Motors, Sun Pharma, TCS, HDFC, Grasim, Infosys and Hero Honda.

Among the big gainers in the broader market were BEML, GMR Infra, Zee Ent, GE Ship, Union Bank, Tulip Tele, APIL and Yes Bank.

Outside the frontline indices, the top losers included Apollo Hosp, India Cement, Gujarat NRE, Mphasis and Jai Corp.

Aurobindo Pharma is reportedly suing South Africa’s National Treasury after the government awarded a US$400mn AIDS drugs-supply contract to rivals that charged higher prices.

At least 60% of the contract to supply anti-AIDS drugs from June last year to next May went to Aspen Pharmacare Holdings Ltd. and Adcock Ingram Holdings Ltd. Aurobindo, claims its prices were almost a third cheaper than locally produced products, stated reports.

The South African government gives preference to local suppliers. The subsidies give Indian drugmakers a cost advantage of 30%, added reports.

Shares of BHEL gained by 1.5% to Rs2235 after the company announced that it secured a contract worth Rs1.7bn from Chennai Petroleum for setting up an energy efficient and environment friendly co-generation power plant at its Manali Refinery. The scrip touched an intra-day high of Rs2269 and a low of Rs2205 and recorded volumes of over 0.1mn shares on BSE.

Shares of Bharti Airtel erased early gains and ended in the red, the stock was down 0.3% to shut shop at Rs807. According to reports, the company is in talks with four foreign banks to provide US$4bn to pay for its planned merger with MTN Group Ltd.

Shares of Adani Enterprises surged by over 4.5% to Rs824 after the company’s unit Adani Power Ltd. plans to raise about Rs22bn selling shares in an IPO by the fourth week of July. The scrip touched an intra-day high of Rs827.95 and a low of Rs805 and recorded volumes of over 0.12mn shares on BSE.

Shares of Suzlon Energy declined by over 5% to Rs117 after the company reported consolidated revenues of Rs260.82bn for FY2008-09, a 91% growth over the previous year.

Profit Before Tax for the year (before exceptional items) stood at Rs16.13bn. The net profit stood at Rs4.28bn for the year ended 31st March 2009 as compared to Rs10.17bn for the corresponding period translating in to decline of 58% YoY.

source: Indiainfoline

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