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India Hot Stocks : Jewellery exporters fall as budget disappoints

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today Feb 16, 2009
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MUMBAI, Feb 16 (Reuters) - The following stocks were on the move at the BSE on Monday.



At 12:56 p.m., the benchmark 30-share BSE index <.BSESN> was down 3.18 percent at 9,328.58 points. The 50-share National Stock Exchange Index <.NSEI> was down 3.1 percent at 2,856.9 points. --------------------------------------------------------- * Shares in jewellery exporters Su-Raj Diamonds , Gitanjali Gems and Jewellery , Classic Diamonds and Rajesh Exports reversed gains as the interim budget did not offer any sops for the sector as expected. The government, however, extended a 2 percent interest subvention for the exporters, beyond March 31. Gitanjali Gems fell 0.9 percent to 51.3 rupees while Rajesh Exports was down 1.6 percent to 25 rupees. Su-Raj Diamonds and Classic Diamonds were up 0.6 percent. They were up 3-5.3 percent ahead of the budget, in early deals. (12.55 p.m.) (swati.pandey@thomsonreuters.com) -------------------------------------------------------- * Bank shares extended losses after the finance minister did not say anything about interest rates, while the market expected some comments in the interim budget, dealers said. The BSE banking index <.BSEBANK> was trading 4.15 percent lower at 4,816.51 points He, however, said the government would provide interest subsidy to farmers in 2009/10 and had already spent 653 billion rupees on the farm loan waiver so far. (kaustav.roy@thomsonreuters.com) -------------------------------------------------------- * Textile firms Alok Industries , Arvind Ltd and Bombay Dyeing turned negative after the government extended a 2 percent interest subvention for exporters including textile makers beyond March 31, but did not offer any other sops as expected. Alok Industries was down 3.36 percent to 17.25 rupees, Arvind fell 2.29 percent to 15.75 rupees and Bombay Dyeing was 3.91 percent down to 150 rupees. (12:37 p.m.) (aniruddha.basu@thomsonreuters.com) --------------------------------------- * The BSE Realty index <.BSEREAL> erased gains to turn negative after the interim budget presented by the acting Finance Minister Pranab Mukherjee did not provide any sops to the sector as was expected. The index was down 3.1 percent after rising as much as 3.67 percent earlier in the session. DLF was down 3.7 percent while Unitech was trading 4.2 percent lower. (12:30 p.m.) (bharghavi.nagaraju@thomsonreuters.com) --------------------------------------------------------- * Automakers such as Maruti Suzuki , Mahindra & Mahindra and Tata Motors turned negative as the government did not announce any measures to boost demand in the sector in its interim budget on Monday. Maruti Suzuki was down 1.9 percent at 617 rupees, Mahindra & Mahindra was down 2.88 percent at 311.7 rupees and Tata Motors was down 0.07 percent at 137.75 rupees. (12:29 p.m.) (aniruddha.basu@thomsonreuters.com) ---------------------------------------------------------- * Shares in sugar makers Bajaj Hindusthan , Balrampur Chini and Shree Renuka Sugars were in the red on concerns their bottomlines will take a hit due to a likely increase in cane procurement costs after the Business Standard newspaper reported on Monday India's farm ministry may favour a hike in statutory minimum price of sugarcane to 107.76 rupees per 100 kg for 2009/10 season, which ends in Sept 2010. Bajaj Hindusthan was down 2.3 percent at 53.95 rupees, Balrampur Chini fell 2.9 percent to 59.3 rupees, while Shree Renuka Sugars traded at 86.05 rupees, down 5.1 percent. (11.41 a.m.) (swati.pandey@thomsonreuters.com) ------------------------------------------------------- * Textile makers such as Alok Industries , Arvind Ltd , Bombay Dyeing and Gokaldas Exports were up 3-6 percent on hopes a relief package will be announced for the sector in the interim budget later in the day, dealers said. Gokaldas Exports was up 5.71 percent at 74 rupees, Bombay Dyeing was up 3.59 percent at 161.7 rupees while Alok Industries was up 3.36 percent at 18.45 rupees. (10:59 a.m.) (aniruddha.basu@thomsonreuters.com) --------------------------------------- * Shares in auto manufacturers, Tata Motors Ltd , Maruti Suzuki Ltd , Mahindra & Mahindra Ltd and TVS Motors Ltd rose between 1 and 5 percent on expectations the government will cut excise duty for auto parts and automobiles and take measures to boost demand in the sector. (10.38 a.m.) (jasudha.kirpalani@thomsonreuters.com) ---------------------------------------------------------- * The realty index <.BSEREAL> is up 2.9 percent on expectations a relief package will be announced for the sector in the interim budget, dealers said. DLF was up 4 percent and Puravankara was up 7 percent, while Unitech was trading 2.8 percent higher. (10:34 a.m.) (bharghavi.nagaraju@thomsonreuters.com) ---------------------------------------------- * Shares in jewellery exporters such as Su-Raj Diamonds , Gitanjali Gems and Jewellery , Classic Diamonds and Rajesh Exports were up 3-5.3 percent on expectations of an official rescue package for the sector that may ease service tax refunds and exempt them from fringe benefit tax for a certain stipulated period. (10.15 a.m.) (swati.pandey@thomsonreuters.com) ----------------------------------------------------- * Shares in private carriers Jet Airways , Kingfisher Airlines and SpiceJet were up 2.3-6.9 percent after state-run oil companies slashed jet fuel prices by 3.8 percent, effective Sunday midnight. (10.15 a.m.) (swati.pandey@thomsonreuters.com) ----------------------------------------------------- * Bar code scanner maker Bartronics India extended gains to be up 12.2 percent after it won a contract from the Delhi civic body to set up 2,000 internet kiosks on a build-operate-transfer model for nine years. The company expects at least 50 billion rupees in revenue over the period. Shares are up 11.3 percent at 85.60 rupees. (10:09 a.m.) (bharghavi.nagaraju@thomsonreuters.com) --------------------------------------------------------- ((Editing by Harish Nambiar; bharghavi.nagaraju@thomsonreuters.com; +91 22 6636 9059; Reuters Messaging: bharghavi.nagaraju.reuters.com@reuters.net)) Keywords: MARKETS INDIA HOTSTOCKS/ (C) Reuters 2009. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nBOM170338 .BO

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