Praj Ind., BHEL, BPCL surge while SAIL dips

Mumbai --After opening in green territory in the morning and later slipping into the red, the markets have managed to gain momentum and have recovered from lower levels.

An announcement of the investment and acquisition plans has pushed the Praj Industries higher. Praj Industries, the world's single largest supplier of molasses based distillery technology, plant and equipment, has surged by 5% to Rs. 182 after the Board of the company has approved Rs. 1bn investment plan. The company has also planned to buy US based engineering company. The scrip has touched an intra-day high of Rs. 184 and a low of Rs. 173 and has recorded volumes of over 18 lakh shares on NSE.

In the same manner, expansion plans have boosted BHEL. The Gas and Steam turbine manufacturer, BHEL has spurred by 0.4% to Rs. 2288 after the company announced that it would spend Rs. 16bn on upgrade, expansion. The scrip has touched an intra-day high of Rs. 2306 and a low of Rs. 2280 and has recorded volumes of over 3 lakh shares on NSE.

BPCL has surged by 5% to Rs. 370 lead by fall in crude oil prices, the scrip is the biggest gainer among the 50-scrips of NSE Nifty and has touched an intra-day high of Rs. 371 and low of Rs. 356 and has recorded volumes of over 8 lakh shares on NSE.

On contrary, Bajaj Auto has plunged by 0.4% to Rs. 2710. However, the company has announced that it would set up a new manufacturing facility close to its existing Chakan plant in Pune, at an investment of Rs. 10bn. The scrip has touched an intra-day high of Rs. 2747 and a low of Rs. 2695 and has recorded volumes of over 97 thousand shares on NSE.

The leading and the biggest steel making company, Steel Authority of India Limited (SAIL) has also lost by 3.2% to Rs. 74, amid reports that the local producers are considering cutting prices. The scrip has touched an intra-day high of Rs. 77 and a low of Rs. 74 and has recorded volumes of over 69 lakh shares on NSE.