Tata Power Company, one of India`s largest power producer, has moved to the Delhi High Court challenging the government`s decision to allow Reliance Power to divert coal from the captive mines of Sasan Ultra Mega Power Project for use in other projects. Shares of Tata Power gained Rs 59.8, or 7.76%, to settle at Rs 830.15**.
JSW Steel, India`s third largest steel company, has plans to review its earlier decision of production cut following a revival of demand in certain sectors of the economy. Shares of the company gained Rs 7.65, or 3.22%, to settle at Rs 245.25**.
BGR Energy today announced that it has raised Rs 21.05 billion in loan for its working capital requirements from a consortium of five banks, led by State Bank of India. Shares of the company gained Rs 4.2, or 2.61%, to settle at Rs 164.90**.
Bharti Airtel (Airtel) will launch its services in Sri Lanka on Jan. 12, 2009 becoming the fifth cellular player in the island nation. Shares of the company declined Rs 22.35, or 3.17%, to trade at Rs 682.45**.
Sun Pharmaceutical Industries announced that it has sent two letters to Taro Pharmaceutical Industries (Taro) on Jan. 02, 2009. Shares of the company closed down Rs 4.4, or 0.42%, at Rs 1,043.85**.
Public sector lender, Bank of Baroda (BoB) announced that it has reduced interest rates on non-resident external (NRE) term to 3.75% for one-year or less than two years with immediate effect, as against the earlier 4.52%. Shares of the bank gained Rs 8.5, or 2.96%, to trade at Rs 295.50**.
Union Bank declared a reduction in their deposit rates ranging between 25 and 75 basis points across various maturities, after the Reserve Bank of India slashed its key policy rates on Friday. Shares of bank closed up Rs 3.8, or 2.3%, at Rs 168.90**.