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India Hot Stocks: Gujarat NRE shares up on bonus, results

Reuters - Saturday, July 19

MUMBAI, July 18 - The following stocks were on the move at the BSE on Friday.

At 2:42 p.m. the benchmark 30-share BSE index <.BSESN> was up 3.38 percent at 13,555.11 points.

The 50-share National Stock Exchange Index <.NSEI> was up 3.27 percent at 4,076.20 points.

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* Gujarat NRE Coke Ltd <GJNC.BO> shares rose to a day's high of 118.80 rupees after the board approved a 2-for-5 rights issue and said net profit more than doubled to 944 million rupees for the quarter to June. Shares were trading up 13.39 percent at 118.45 rupees.

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* Dagger Forst Tools Ltd <DGGR.BO> was up nearly 20 percent following a NDTV Profit report that the Yash Birla Group was planning to offload its stake in the firm and that Japan's Mitsubishi Heavy Industries <7011.T> was in the race to buy the stake, dealers said. Company officials were not immediately reachable for comment.

Yash Birla Group owns 52 percent stake in the firm, which makes high-precision cutting tools Its shares were up 19.82 percent at 20.25 rupees, their maximum daily limit.

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* Sasken Communication <SKCT.BO>, pared losses and was up more than 3 percent after the telecoms software firm's April to June profit more than doubled.

Its shares were up 3.87 percent at 139.70 rupees.

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* Shipping services firm Garware Offshore Services Ltd <GRSH.BO> jumped over 11 percent after a television channel reported the company plans to invest 4 billion rupees to buy 5 new vessels, out of which one platform support vessel is already deployed in the north sea.

In April, a senior Garware official had told Reuters the firm planned to buy three anchor handling tugs-cum-supply vessels and 2 PSVs for the aforementioned amount. The official, who requested anonymity, told Reuters on Friday contracts to deploy these new vessels is "almost on the verge of finalising."

Shares were trading at 193.70 rupees, up 11.26 percent.

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* Apollo Tyres Ltd <APLO.BO> reversed losses to rise by more than 2 percent after its April-June net rose 4 percent to 486.3 million rupees on sales of 10.76 billion rupees. Shares were at 31.50 up 2.11 percent.

(swati.pandey@thomsonreuters.com

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* Construction and engineering firm Punj Lloyd <PUJL.BO> extended gains to over 3.5 percent after the company said it has won an order worth $108 million. Shares were trading at 216.70, up 3.24 percent, off a high of 217.60 rupees touched immediately after the news. The share was quoting at 210 rupees before the report.

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* Pumpmaker Kirloskar Brothers Ltd <KRBR.BO> was down more than 8 percent after it posted a net loss for the April-June quarter versus a profit a year ago. Shares were trading at 170.40 rupees.

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* Software services firms Infosys Technologies <INFY.BO>, Satyam Computer <SATY.BO>, Wipro <WIPR.BO>, Tata Consultancy <TCS.BO> were down 3.5-7 percent on selling pressure as investors were wary of the near-term outlook, traders said. Wipro and rival Tata Consultancy which missed forecasts were cautious about outsourcing prospects in the near term, as their major clients battle weakening economies.

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* India's KPIT Cummins Infosystems Ltd <KPIT.BO> shares hit a high of 62.05 rupees after an official said the company saw 10-15 percent higher prices on new engineering deals. Shares were trading up 3.23 percent to 60.80 rupees.

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* India's top paper maker Ballarpur Industries Ltd <BILT.BO> jumped over 5.5 percent to hit a high of 30.80 rupees on report tobacco firm ITC Ltd <ITC.BO> has acquired 2.3 million shares or 0.5 percent of its equity for 56 million rupees. Shares in the firm were up 4.8 percent at 30.55 rupees.

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* Great Eastern Shipping Co Ltd <GESC.BO> extended gains to over 3.5 percent after it said it has placed orders with South Korea's Hyundai Heavy Industries <009540.KS> to construct two Suezmax crude carriers to modernize and increase double hull fleet tonnage. Shares were up 3.04 percent at 351.95 rupees.

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