Bombay Stocks Close Higher
Bombay stocks rose modestly Wednesday, as gains in power and finance names overshadowed a selloff in
Dr. Reddy's
(RDY) - Get Report
.
The BSE Sensex opened rose 56.21 to close at 10224.32.
The top gainer on the BSE Sensex was thermal power major
NTPC
, which rose 5.4% after S&P assigned BB-plus rating for its proposed $300 million 10-year medium term note issue.
The other gainers were
HDFC
, the leading housing finance company, which gained 3.5%, and
Ranbaxy
, a generic pharmaceutical company, which added 3.1%.
Exploration and production major
ONGC
gained 1% after it joined up with Itera, Russia's second largest gas company, to bid for TNK-BP's Russian oil unit, Udmurtneft.
Media publishing house
Cybermedia
gained 4.8% on reports that the media company has acquired 20% stake in Sx2 Media Labs, a new company formed by David Sills and Stoneybrook Capital.
A pharmaceutical company,
Strides Arcolab
, gained 1.2% on the news that Goldman Sachs hiked its stake in the Bangalore-based company.
The major losers included Dr. Reddy's, India's third-biggest drugmaker. It dropped 2.3%, reversing Tuesday's gains.
Larsen & Toubro
, an engineering and construction company, slipped 1.3% and
Bajaj Auto
dropped 1.1%.
This story was created through a joint venture between TheStreet.com and IRIS.
