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India Hot Stocks: Const, mining firms slump on IIP data

Reuters - Friday, October 10

MUMBAI, Oct 10 - The following stocks were on the move at the BSE on Friday.

At 12.10 a.m. the benchmark 30-share BSE index <.BSESN> was down 8.35 percent at 10,382.87 points.

The 50-share National Stock Exchange Index <.NSEI> was down 7.35 percent at 3,255.40 points.

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* Construction firms such as Larsen & Toubro <LART.BO>, Nagarjuna Construction <NGCN.BO> and Hindustan Constructions <HCNS.BO> and IVRCL Infrastructure <IVRC.BO> were down by 10-20 percent, while miners such as Sesa Goa Ltd <SESA.BO>, Neyveli Lignite <NELG.BO> and Gujarat NRE Coke Ltd <GJNC.BO> shed 8-15 percent after a government report showed that India's industrial output <INIP=ECI> rose 1.3 percent in August, way below the Reuters estimate of 6.1 percent.

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* Banking stocks such as State Bank of India <SBI.BO>, HDFC Bank <HDBK.BO>, Oriental Bank <ORBC.BO>, Punjab National Bank <PNBK.BO> pared losses after India's central bank said it would cut bank's cash reserve requirement <INCRR=IN> to 7.5 percent of the deposits held by them from Saturday, instead of to 8.5 percent as previously announced. The move will release about 600 billion rupees into the banking system.

The BSE Bank index <.BSEBANK>, which hit a 52-week low of 5,117.02 points in early trades, recovered to 5,481.89 points.

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* Offshore and oilfield services providers such as Aban Offshore Ltd <ABAN.BO>, Great Offshore Ltd <GOFS.BO>, Dolphin Offshore Enterprises <DOLP.BO> and Garware Offshore <GRSH.BO> were down 11.3-13.6 percent on concerns demand for rigs and service platforms would fall as lower oil prices curb oil exploration opportunities, a dealer said.

Aban Offshore was down 13.12 percent to 940 rupees, Great Offshore slipped 10.63 percent to 256.8 rupees, while Garware Offshore fell to 141.05 rupees, down 11.43 percent.

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* Infosys Technologies Ltd <INFY.BO> fell 7 percent to 1,166.25 rupees after the country's No. 2 software exporter lowered its forecast in dollars, citing shaky global economic situation. The firm posted a 30.2 percent jump in quarterly profit, helped by a weaker rupee, beating market forecasts.

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* HDFC Bank <HDBK.BO> pared losses to touch a high of 1,088 rupees after 200,366 shares changed hands in a block deal on BSE at 1,029 rupees each. Shares were trading at 1,045 rupees, down 5.48 percent from the previous close.

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