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India Hot Stocks: Shriram City Union up after block deal on BSE

Reuters - Saturday, May 17

MUMBAI, May 16 - The following stocks were on the move at the BSE on Friday.

At 3.13 p.m., the benchmark 30-share BSE index was up 0.56 percent at 17,450.78 points.

The 50-share National Stock Exchange Index <.NSEI> was up 0.96 percent at 5,165.15 points.

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* Shriram City Union Finance Ltd extended gains after a block deal of 2.2 million shares, or 5.11 percent of the company's equity, on BSE at 385 rupees a share. The shares in the company rose as much as 4.35 percent but eased a bit to 386.30 rupees, up 1.5 percent.

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* Bongaigaon Refinery & Petrochemicals Ltd extended gains after its March quarter net profit rose 68 percent. The state-run firm's net profit jumped to 303.8 million rupees from 181 million rupees a year ago. Shares were up 9 percent at 61.70 rupees.

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* Mcnally Bharat Engineering Co Ltd extended gains to a high of 182 rupees after the firm said it will acquire 68.3 percent in Gujarat-based Sayaji Iron & Engineering Co for 590 million rupees. The stock is trading at 179 rupees, up 3.7 percent.

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* Software firm Tech Mahindra Ltd rose 4 percent to 971 rupees after the Economic Times reported it has bagged a $700-million contract from BT Group to improve the latter's IT infrastructure. A company spokeman declined to comment on the report.

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* Chennai Petroleum Corp was up 7.3 percent at 371.50 rupees after the state-run refiner reported a 82 percent jump in Jan-March net profit to 3.44 billion rupees.

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* Punjab National Bank was up 4.8 percent at 563 rupees after its chairman said the bank was aiming for 22 percent net profit growth in 2008/09 on the back of robust loan growth. The state-run lender's Jan-March net profit more than doubled to 5.44 billion rupees, beating forecasts.

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