STOCK ON THE MOVE May 23

* Network 18 Fincap Ltd. rose by its maximum daily limit of 5 percent to 599.65 rupees after media conglomerate Viacom Inc. and group company TV18 formed an equal joint venture for general entertainment business in the country.
* Drug maker Sun Pharmaceutical Ltd. extended Monday's gains and rose nearly 2 percent to 1,084 rupees after Israel's Taro Pharmaceutical Industries Ltd. said Sun's $454 million deal to purchase it would go ahead after a ruling by a Tel Aviv court.
* Raj Television Ltd. extended recent gains and rose 10 percent to 288.30 rupees after more than 2 percent, or 272,149 shares, changed hands in a block deal on the BSE at 288.30 rupees.
* Everest Kanto Cylinder Ltd. fell 7.5 percent to 1,058 rupees after its net profit slumped to 51.2 million rupees from 102.1 million rupees a year ago.

MAIN TOP 3 BY VOLUME:

* Zee News Ltd. on 5.5 million shares.

* Tata Teleservices (Maharashtra) Ltd. on 6 million shares.
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* Marico Industries Ltd. on 2.6 million shares.

News Based

ABB wins $70 mln order for Delhi metro expansion
Viacom, India's TV Eighteen in JV for entertainment
Sector leader Tata Consultancy Services Ltd. slipped 0.6 percent and second ranked Infosys Technologies fell 0.7 percent.

Top mortgage firm HDFC rose 4.4 percent to 1,794 rupees, its strongest close in more than three months, as investors factored in an increased valuation of its insurance and mutual fund business after media reports of high valuation for rival ICICI Bank's insurance business.


The 30-share benchmark BSE index rose 35.12 points to 14,453.72, with 16 components gaining, its highest close since Feb. 9 -- the day it hit a record high of 14,723.88.

The 50-share NSE index ended up 0.40 percent at a record close of 4,278.10, after hitting a record high of 4,281.60, above its previous high of 4,269.35 set on Monday.


* Reliance Natural Resources Ltd. on 2.4 million shares.

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