Satyam (Up 10.03%)
Satyam Computer Services Ltd gained 10% for the second day running. JPMorgan analysts have initiated coverage with an overweight rating. They expect business to stabilize by end-2009 with growth in 2010. Downside risks: higher-than-expected legal liabilities, a rising rupee, protectionism.
Tech Mahindra (Up 5.22%)
Tech Mahindra shares ended 5.22% higher , but off nearly 10% from its day’s high. There was mixed reaction from brokerages: CLSA maintains ‘sell’ as Satyam faces an uphill struggle over the next few quarters, if not years. Deutsche Bank maintains ‘buy’ with a revised target price of Rs1,100.
HDFC Bank (Up 5.70%)
The HDFC Bank Ltd share was up 5.70% on reports it plans to issue Rs4,000 crore worth of convertibles and warrants convertible into equity shares at a premium (30-50%) over the next three-five years. Conversion at 50% premium would lead to a 20% jump in book value with only 3.5% dilution.
Videocon (Up 10.02%)
Shares of Videocon Industries Ltd gained 10% ahead of its direct to home or DTH launch in the next 7-10 days. Reports indicate that the company is investing Rs500-600 crore initially in the DTH business and is targeting 10 million subscribers in six years.
JSW Steel (Up 4.96%)
The JSW Steel share was up 5% after its manage,ent told CNBC-TV18 that international steel prices going up driven by dollar weakness and demand revival. Also, copper, nickel, zinc, lead and tin all hit new 2009 highs, even as BHP Billiton cut FY10 coking coal price by 58% year-on-year.
Aban Offshore (Down 5.29%)
Shares of Aban Offshore Ltd ended the day down a little more than 5% on reports that Canadian oil explorer Addax Petroleum has cancelled a contract with Aban Abraham Pte, Aban Offshore’s Singapore subsidiary. It had been delayed numerous times, which caused drilling timelines to shift.
Maytas Infra (Up 3.96%)
Maytas Infra Ltd shares rose 3.96%. People close to the matter told CNBC-TV18 that Teja Raju and family, which currently hold a 25.26% stake in the company, have sought Rs800 crore as additional funds from lenders. The promoters want Rs200 crore in cash, and the rest in the form of guarantee.
RDB Industries (Up 9.96%)
RDB Industries Ltd was up 10% after the company approved the demerger of its real estate and tobacco businesses. The tobacco division contributed less than 10% to top line. The company holds land banks through 29 subsidiaries and is reported to be close to a deal for 250 acres in Gujarat.