Wednesday, February 13, 2008

ICICI, Reliance Energy, Reliance Power: Indian Equity Movers

By Shailendra Bhatnagar

(Bloomberg) -- The Bombay Stock Exchange Sensitive Index rose 147.61, or 0.9 percent, to 16,778.52 as of 11:47 a.m. in New Delhi.

The following stocks fell or rose in the Indian market today.

ICICI Bank Ltd. (ICICIBC IN): India's biggest bank by market value rose 28.8 rupees, or 2.8 percent, to 1,064.50 after declining more than 14 percent in the previous five trading sessions. ICICI has held talks with some foreign banks to buy out its 20 billion rupee worth of ``small-ticket personal loans'' owing to rising defaults, the Economic Times reported, without saying where it got the information. The overall size of the portfolio is 30 billion rupees.

Reliance Power Ltd. (RPWR IN): The power-generating company plunged 19.1 rupees, or 5.1 percent, to 353.4 rupees, extending a 17 percent decline during its debut on the stock exchange yesterday after most investors judged the initial price as excessive. Reliance Energy Ltd., which controls 50 percent stake in Reliance Power, fell for a fourth day. The stock declined 66.20 rupees, or 4.2 percent, to 1,516.1, rounding off the losses in past four days to 26 percent.

To contact the reporter on this story: Shailendra Bhatnagar in New Delhi at .

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