Time to justify!

Among the 30-components of Sensex, 15 stocks ended in the negative terrain and 15 ended in the green. Reliance Industries, Wipro, BHEL, Hindalco and SBI were among the top losers.

On the other hand, DLF, Grasim, TCS, Hero Honda, Maruti and JP Associates were among the top gainers.

Outside the frontline indices, the big losers in the broader market were PTC, IFCI, Jain Irrigation and Videocon Industries. On the other hand, gainers included GE shipping, MTNL, Gujarat NRE Coke BEL and Madras Cement.

MBL Infrastructures which started trading at Rs190, a premium of Rs10 over the issue price of Rs180 per share on the BSE ended at Rs205 translating into a premium of 14% against its issue price.

MBL Infrastructure is an integrated infrastructure construction and project development and maintenance company, entered the capital market on November 27, 2009 targeting to raise about Rs1bn, offering 57,00,000 equity shares of Rs10 each at a price band of Rs165 - Rs180.

The IPO proceeds will be invested in capital equipments and used to meet working capital requirements.

Shares of Reliance Industries slipped 2% to end at Rs1081. The Petroleum Trust sold 33mn equity shares of the company realizing nearly Rs34.65bn at an average price of Rs1050 per share.

Reliance Industrial Investments and Holdings Ltd., a wholly owned subsidiary of RIL, is the beneficiary of the Trust.

NTPC Vidyut Vyapar Nigam, the power trading arm of NTPC plans to buy solar power at a rate set by the Central Electricity Regulatory Commission, Minister for New and Renewable Energy Farooq Abdullah said in New Delhi today.

The government plans to add ~20,000MW of solar power capacity in three phases by 2022. The stock gained 1% to end at Rs233, it opened at Rs231 it touched an intra-day high of Rs235 and a low of Rs232 and recorded volumes of over 0.77mn shares on BSE.

SAIL announced that sales of its value-added construction grade products rose 23 % to 417,000 metric tons in the nine months ended Dec. 31. Shares of SAIL gained 1.5% to end at Rs242. The scrip opened at Rs239 it touched an intra-day high of Rs245 and a low of Rs235 and recorded volumes of over 1.4mn shares on BSE.

The Chinese government dropped a rule stipulating that more than 70% of the wind turbines in use in China must be produced domestically, reports stated. The policy change will spur foreign investment in China’s wind-turbine industry.

Shares of Suzlon surged by over 2.5% to end at Rs94.75. The scrip opened at Rs93 it touched an intra-day high of Rs95.20 and a low of Rs92.7 and recorded volumes of over 8.3mn shares on BSE.