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India Hot Stocks-Polaris tumbles, Tata Engineering up

BOMBAY, Oct 28 (Reuters) - The following stocks are on the move at the Bombay exchange on Monday.

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POLARIS SLIDES ON EARNINGS

Polaris Software Lab Ltd dropped as much as 11.4 percent to 165.60 rupees on weak September quarter earnings, brokers said.

"The results have disappointed the market and earnings could remain under pressure in the next few quarters," said a tech fund manager, with a domestic asset management company.

Polaris said on the weekend, consolidated net profit in the September quarter fell 40.5 percent from a year ago.

Its board also revised a share swap ratio in a proposed merger with Citigroup's unlisted technology unit Orbitech Solutions, to favour Polaris.

But analysts said a lower stake for Citigroup's arm in the merged entity could bring down its interest.

0556 GMT

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TELCO RALLIES ON HIGHER NET HOPES

India's largest truck maker Tata Engineering and Locomotive Co gained as much as 1.62 percent to 134.45 rupees, in a falling market on hopes its September quarter earnings earnings could beat street estimates, brokers said.

"The buzz is that TELCO could announce a net profit of about 900 million rupees," said a dealer with a domestic brokerage.

A Reuters poll released earlier this month forecast the median net profit of 706 million rupees in the September quarter on sales of 22.67 billion rupees, a 31.5 percent jump from a year ago.

0550 GMT

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