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India Hot Stocks:Shrenuj & Co jumps after BSE block deal

Reuters - Friday, July 4

MUMBAI, July 4 - The following stocks were on the move at the BSE on Friday .

At 12:53 p.m. the benchmark 30-share BSE index <.BSESN> was up 2.4 percent at 13,409.39 points.

The 50-share National Stock Exchange Index <.NSEI> was up 2 percent at 4,003.10 points.

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* Jewellery maker Shrenuj & Co <SHRE.BO> jumped after 2.44 million shares, or 3.52 percent of the company's equity capital, changed hands in block deal on the BSE, at 25 rupees a share. Shrenuj shares are trading at 28.50 rupees, up 13.77 percent.

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* Vaccine and drug maker Panacea Biotec Ltd <PNCA.BO> touched a high of 291.60 rupees after the firm said it had entered into a collaboration to set up a 220-bed multi-speciality hospital in the National Capital Region near Delhi. Shares were trading at 290.55 rupees, up 4.51 percent.

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* Abrasives maker Carborundum Universal Ltd <CRBR.BO> was up 3 percent at 125 rupees after it acquired a majority stake in South Africa's Foskor Zirconia Proprietary Ltd for an undisclosed sum.

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* Shares in construction and engineering firm Punj Lloyd Ltd <PUJL.BO> rose over 6 percent after the company said on Thursday it has won a 10.05-billion-rupee order from GVK Power Ltd for a coal fired thermal power plant, one dealer said. Shares were trading at 211.80 rupees, up 5.85 percent.

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Shares in steel pipe makers were down 0.5-2 percent after the firms pledged to cut steel pipes and tubes prices by 10 percent to help fight inflation.

PSL Ltd <PSLH.BO>, which has a huge domestic market share, was down 0.87 percent, while Man Industries <MIND.BO> fell by 1.94 percent. Welspun Gujarat <WGSR.BO>, which exports most of its output, was flat.

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* Jindal Saw Ltd <JIND.BO> rose over 4 percent on report the firm plans to invest 2 billion rupees to set up a wagon manufacturing unit. Shares were trading at 486.10 rupees, up 4.05 percent from the previous close.

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* Shares in diversified Jain Irrigation Ltd <JAIR.BO> jumped over 4 percent to hit an intra-day high of 455 rupees after 2.5 million shares of the company, or 3.53 percent of its equity, changed hands in a block deal at 442 rupees each on the BSE. Details of buyers and sellers were not immediately available. Shares were trading at 453.90 rupees, up 3.9 percent.

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* Jewellery maker and retailer, Gitanjali Gems Ltd <GTGM.BO> rose as much as 4 percent in early trades after the Economic Times reported it planned to acquire a U.S.-based retail chain, Whitehall Jewellers Holdings in a deal sized 3.5 billion-4 billion rupees.

Gitanjali Gems could not be immediately reached for comment. Shares in the Indian firm were trading up 1.71 percent at 238.60 rupees.

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* Jai Corp Ltd <JAIC.BO> extended gains to 293.50 rupees, up nearly 5 percent, after 1.6 million shares, or 0.9 percent of equity, changed hands in a block deal on the BSE at 286 rupees each. The shares are trading 4.8 percent higher at 293 rupees.

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