Movers & Shakers

Movers & Shakers
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First Published: Tue, May 19 2009. 11 30 PM IST
Updated: Tue, May 19 2009. 11 30 PM IST
Bharti Airtel (down 8.78%)
Shares of telecom service provider Bharti Airtel declined 8.78% to close at Rs915.10 on the National Stock Exchange. Kotak recommended profit-booking since they do not see any change in the fundamentals and earnings of the telecom company, with the formation of a new Union government.
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Infosys (down 13.4%)
Shares of Infosys Technologies ended down 13.4% on back of rupee appreciation, which hit 47.29 a dollar on Tuesday. Kotak says it does not see any real change in the information technology companies’ operating environment other than extension of certain taxation benefits that may help companies’ earnings.
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IVRCL (up 26.11%)
Shares of IVRCL Infrastructure and Projects Ltd gained 26.11%. All Hyderabad-based companies have been upbeat since the results of the state assembly elections were announced. The continuity in the government in Andhra Pradesh could sustain momentum in infrastructure orders.
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HOEC (up 18.15%)
Hindustan Oil Exploration Co. Ltd gained 18.15%. The company has mobilized drilling unit Deep Driller-8 to the PY-1 oil field and commenced tie-back of the development oil well “Earth” to the PY-1 platform. Subsequently, the rig shall be used to drill two more wells in the field. The firm has 100% participating interest in the said field.
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Sun Pharma (down 13.59%)
The Sun Pharmaceutical stock declined 13.59%. Karvy has downgraded the stock as underperformer with target price at Rs1,245. Karvy says that the company has moved up quite dramatically and is quoting a high premium valuation. It said that appreciation of the dollar would have negative impact on its export revenue.
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Aditya Birla Nuvo (up 9.63%)
Shares of Aditya Birla Nuvo gained 9.6%. The stock benefited from expectations for reforms in the insurance sector. The firm holds a 74% stake in Birla Sun Life Insurance. Enam has valued the group’s insurance business at Rs731 per share. The firm is also raising funds through warrant issue to promoters.
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Aban Offshore (up 20.08%)
The Aban Offshore stock gained 20.08% to close at Rs905.25 on the National Stock Exchange. The stock has been rerated after its inclusion in MSCI Global Small Cap Index. Also, the stock benefited from speculations that some of its idle rigs are getting deployed. The company refused to comment.
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HDIL (up 25.37%)
The Housing Development and Infrastructure Ltd stock gained 25.37% on the back of speculations of a qualified institutional placement. According to speculations, the firm is looking to raise $500 million. HDIL is expected to have met several bankers, including Morgan Stanley, Enam, JPMorgan and Kotak Mahindra.
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First Published: Tue, May 19 2009. 11 30 PM IST