Tech Mahindra: Shares in Tech Mahindra moved higher by 7.39% to Rs 1,366.90, extending its previous day’s 3% gain, after the information technology firm said overseas investor bought additional stake in the company through open market purchase.First State Investment Management (UK) on its own behalf and First State Investments International have bought 240,631 shares representing 0.1% stake in the company via open market on August 21, Tech Mahindra said in a regulatory filing.Post acquisition, the holdings of First State Investment Management (UK) increased to 5.03% from 4.93% earlier, it added.Meanwhile, Goldman Sachs has a buy rating on the stock with a target price of Rs 1500. "Post the merger with Satyam , Tech Mahindra has gained adequate scale to target big-ticket deals and cross-selling opportunities across its verticals and services," Goldman Sachs report said, added report. Reliance Industries: Shares in Reliance Industries (RIL) has moved higher by 1.64% at Rs 819.05 after the company and BP announced a new gas condensate discovery off the east coast of India in the Cauvery Basin.The discovery, in the deepwater block CY-DWN-2001/2 (CYD5), is situated 62 kilometers from the coast in the Cauvery Basin and is the second gas discovery in the block. RIL is the operator with 70% equity and BP has a 30% share, RIL said in a statement.Preliminary evaluation of well data and fluid samples indicated presence of gas condensate in the reservoir interval with a gross column of 143 meters. The well reached its total depth in early August and RIL, as operator, has conducted drill stem test (“DST”) to evaluate the potential of the discovery, it added.The company said, the well which had the initial reservoir pressure of 8000 psi flowed gas at the rate of 35.2 million standard cubic feet per day with condensate at the rate of 413 barrels per day through 52/64” choke during DST. Well flow rates during such tests are limited by the rig and well test equipment configuration. NHPC: Shares in NHPC surged 2.45% to Rs 16.75 on the back of reports suggesting that the company would buy –back shares worth Rs 1,600 crore instead of going in for an offer for sale (OFS).The government which holds 86.36% in the company had initially planned to disinvest 11.36% in NHPC through OFS. Reliance Infrastructure:Shares in Reliance Infrastructure jumped 3.75% to Rs 357.10 after the company said it received an approval from the Maharashtra Electricity Regulatory Commission to recover past arrears aggregating to Rs 5550 crore over the next six years
Posted on: Mon, 26 Aug 2013 03:20:34 +0000