6:00 PM Mumbai, 8:30 AM New York – India estimated economic expansion of 7.2% in the current fiscal year ending in March compared to 6.7% in the previous year. Investors fear that the economic stimulus may be removed sooner than anticipated. Jubilant Foodworks surged 33% on its first day of trading. Kingfisher looks at restructuring.

The Sensex index in India increased 19.96 or 0.13% to 15,935.61 and CNX Nifty index rose 3.15 or 0.07% to 4,760.40. Among the Sensex 30 stocks, 16 rose and 14 fell.

On BSE trading, 1,447 stocks advanced, 1,325 declined and 82 were unchanged.

Stocks in telecom and banking sectors advanced on bargain hunting. Auto stocks were mixed. Reliance Industries rebounded. IT stocks fell on mixed economic data.

Government today forecast its economic growth for the fiscal year ended March 2010 at 7.2% compared to 6.7% in the previous fiscal. The estimate of the higher growth prompted the speculation that the stimulus plans may be removed sooner than anticipated.

In the next fiscal year beginning in April, the government is likely to divest its stake in state controlled entities including Engineers India Ltd and Coal India Ltd, Power Grid and SAIL.

Shares of Jubilant Foodworks closed up 33% to Rs 192.55 from its initial public offering price of Rs 145.

Rupee edged lower 2 paisa to 46.75 against one dollar.

Gainers & Losers

Areva T&D India Limited fell 0.09% to Rs 268.05 after the company received two contracts of Rs 280 crore for extra high voltage turnkey projects at the Moga, Punjab and Bhiwani, Haryana plants by Power Grid Corporation of India Limited.

Bharat Heavy Electricals Limited climbed 1.0% to Rs 2,337.50 after the company secured a contract worth Rs 1,016 crore to build a 1,200 megawatts hydro power plant in Bhutan.

Fame India Limited increased 4.9% to Rs 55.95 after the engaged in exhibition of films, Reliance MediaWorks has objected to the acquisition of the company by INOX Leisure at a price of Rs 44 per share on February 4 on the ground that the agreed price was lower than a competing bid from it.

ICICI Bank Limited added 1.5% to Rs 815.25.

Kingfisher Airlines Limited rose 1.3% to Rs 52.55 and the airline has hired international consultants to develop a plan to restructure its operations.

Madhucon Projects Limited increased 5.2% to Rs 164.50 and the infrastructure deveoper has been awarded 3 hydro power projects of 25 mw each totaling 75 mw from Uttarakhand Jal Vidyut Nigam, Government of Uttarakhand.

McNally Bharat Engineering Co rose 1.9% to Rs 241.05 after the company secured two orders of Rs 56.64 crore from Hindalco for its smelter projects.

Poly Medicure Limited surged 19.9% to Rs 213.20 after the company said its board will meet on February 9, to consider issuing bonus shares.

Sadbhav Engineering Limited rose 0.3% to Rs 1,222.15 after the received the project for contract price of Rs 136.86 crore from Northern Coalfields Limited unit in Khadia.

Simmonds Marshall Limited slipped 4.9% to Rs 138.90 after the maker of nyloc self locking nuts declined after surging 33% in the preceding three trading sessions.

Sobha Developers Limited fell 3.2% to Rs 257.00 after the real estate developer chairman P.N.C. Menon sold 40 lakh shares, or 4% of the total equity.

Tata Steel Limited dropped 3.3% to Rs 540.00 after January sales rose 9% to 5.56 lakh ton.