Tea stocks surged: insufficient rain at Kenya

* MMTC Ltd (MMTC.BO: Quote, Profile, Research) rose 5 percent to 29,599.65 rupees after the company posted a 100 rise in its profits.
Prev Close: 28,190.15
Day's Range: 27,101.00 - 29,599.65
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Volume: 4,051
Avg. Volume: 546

* SRF Ltd (SRFL.BO: Quote, Profile, Research) extended gains after it said its board will meet on April 25 to consider a buy back of shares. The shares in the company were up 13.2 percent at 129.80 rupees.
Prev Close: 114.70
Day's Range: 118.80 - 131.95
52-week Range: 90.50 - 207.40
Volume: 1,365,332
Avg. Volume: 124,556

* Polaris Software Lab Ltd (POLS.BO: Quote, Profile, Research) extended gains after it said its board would meet on April 23 to consider a share buyback. Shares in the firm were up 12.1 percent at 103.50 rupees.
Prev Close: 92.30
Day's Range: 92.25 - 104.85
52-week Range: 63.60 - 205.80
Volume: 1,613,690
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* Shares in CMC Ltd (CMC.BO: Quote, Profile, Research) surged 6.6 percent to 910 rupees after it reported a 33 percent rise in its net profit for 2007/08 at 923.4 million rupees.
Prev Close: 853.30
Day's Range: 855.00 - 935.00
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Volume: 27,676
Avg. Volume: 1,750

* Tea stocks surged after tea prices in Kenya, one of the biggest exporters of black tea, rose on fears that insufficient rain would cut production.
Shares in McLeod Russel (MCLE.BO: Quote, Profile, Research), Jayshree Tea (JYST.BO: Quote, Profile, Research), Goodricke Tea (GDRC.BO: Quote, Profile, Research) and Harrisons Malayalam (HRMA.BO: Quote, Profile, Research) were up 10-14 percent.
McLeod Russel
Prev Close: 81.20
Day's Range: 82.00 - 97.40
52-week Range: 46.45 - 98.95
Volume: 2,009,989
Avg. Volume: 538,209 .

Jayshree Tea and Industries BSE
Last Trade: 133.05 INR
15.75 (13.43%)

* Steel and real estate firm Shree Precoated Steels Ltd (SHPR.BO: Quote, Profile, Research) rose nearly 5 percent to hit a day's high of 190.95 rupees, on news it planned to raise 10 billion rupees from private equity funds.
Shree Precoated Steels BSE
Last Trade: 190.95 INR
9.05 (4.98%)
Prev Close: 181.90
Day's Range: 188.00 - 190.95
52-week Range: 142.00 - 486.85
Volume: 149,184
Avg. Volume: 84,414

* Parsvnath Developers Ltd (PARV.BO: Quote, Profile, Research) extended gains after Reuters reported the real estate firm sold 30 percent stake in a Mumbai project to foreign funds for 1.86 billion rupees. The shares are trading 2.4 percent higher at 211.75 rupees.
Parsvnath Developers BSE
Last Trade: 212.45 INR
5.60 (2.71%)
Trade Time: 06:29 AM EDT
Prev Close: 206.85
Day's Range: 210.00 - 217.65
52-week Range: 170.20 - 598.00
Volume: 367,636
Avg. Volume: 169,796

* New Delhi Television Ltd (NDTV.BO: Quote, Profile, Research) rose 4.3 percent after the broadcaster said it would consider splitting operations into news and 'beyond news' businesses. The shares later eased to 422 rupees, up 3.44 percent.
New Delhi Television BSE
Last Trade: 412.70 INR
4.75 (1.16%)
Trade Time: 06:21 AM EDT
Prev Close: 407.95
Day's Range: 404.00 - 435.10
52-week Range: 287.50 - 511.75
Volume: 5,535,101
Avg. Volume: 19,632

* State-run Gujarat Alkalies & Chemicals Ltd (GALK.BO: Quote, Profile, Research) was trading 4.1 percent higher at 202 rupees after it formed an equal joint venture with a unit of Dow Chemical Co (DOW.N: Quote, Profile, Research) for a 200,000 tonnes a year chlorinated organics plant in India. The shares have eased to 198.90 rupees, up 2.5 percent.
Gujarat Alkalies and Chemicals BSE
Last Trade: 192.00 INR
-2.10 (-1.08%)
Trade Time: 06:29 AM EDT
Prev Close: 194.10
Day's Range: 190.10 - 203.00
52-week Range: 119.00 - 275.00
Volume: 247,513
Avg. Volume: 136,980

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