Movers & Shakers

Movers & Shakers
Comment E-mail Print Share
First Published: Thu, May 21 2009. 09 58 PM IST
Updated: Thu, May 21 2009. 09 58 PM IST
ONGC (up 8.1%)
Oil and Natural Gas Corp., or ONGC, shares were up 8.1% after CNBC-TV18 reported that the company said price deregulation may come through after strong poll results. It also said capex plans were on track, and expected a revision in the administered pricing mechanism in gas pricing soon.
************
Tata Steel (down 1.5%)
Shares of Tata Steel finished with a loss of 1.5% after in an exclusive to CNBC-TV18 its managing director said steel prices have bottomed out globally, that India’s steel production in April was higher than a year earlier, and that Indian steel demand was poised to grow at 6-7% in FY10.
************
L&T (down 9%)
The Larsen and Toubro or L&T share lost 9%. The stock corrected after more than doubling from March lows. Merrill Lynch has a price target of Rs1,235. Some risks to the price objective include slower earnings per share growth on a higher base, raw material costs, higher competition, and project execution.
************
Nagarjuna Fertilizer (up 4.16%)
Nagarjuna Fertilizer shares ended 4.16% higher after CNBC-TV18 reported that the fertilizer ministry is working on an alternative method of fixing maximum retail price to reduce the subsidy burden. It is expected that fertilizer subsidy will be 50% lower in FY10 on lower input prices.
************
Indian Oil Corp (up 14%)
Like other oil marketing firms, Indian Oil Corp. was a big gainer, closing 14% higher on hopes of deregulation of petrol and diesel prices, which will allow these companies to fix prices in line with the global crude prices. A subsidy package of Rs943 cr for the fourth quarter from ONGC and Oil India will also help.
************
PFC (down 5.4%)
Power Finance Corp. Ltd dropped 5.4% after Kotak Mahindra downgraded the stock to “sell” from “add”. Kotak believes PFC’s business model constrains high long-term earnings growth due to its moderate (about 15-16%) return on equity on the back of limited spreads and cap on leverage.
************
Ranbaxy (up 3%)
The Ranbaxy Laboratories share was up 3%; the stock has been moving higher after CNBC-TV18 broke the story that the firm will benefit from a depreciating rupee. The firm expects to write down approximately $150 million of pre-tax forex losses in the first quarter of 2009 if the rupee is at 48.
************
Bajaj Auto (up 5%)
Bajaj Auto Ltd shares were up 5% on better-than-expected results. Earnings before interest, tax, depreciation and amortization or Ebitda for the fourth quarter, excluding two extraordinary expenses, is higher at Rs300 crore, up 9% year on year.
************
Comment E-mail Print Share
First Published: Thu, May 21 2009. 09 58 PM IST
More Topics: CNBC-TV18 | Gainers | Losers | ONGC | Capex |