Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Jun 16 2009. 01 15 AM IST
Updated: Tue, Jun 16 2009. 03 11 PM IST
RIL (7.76% down)
The shares of Reliance Industries Ltd (RIL) declined after the Bombay high court judgement that requires RIL to supply gas from its KG basin oilfields to Reliance Natural Resources Ltd and NTPC Ltd at $2.34 per million British thermal units (mBtu) for 17 years.
RNRL (23.97% up)
The Reliance Natural Resources Ltd stock surged 23.97% after the Bombay high court ruling that assures 28mscmd of gas supply from Reliance Industries Ltd’s KG basin oilfields for 17 years at $2.34 per mBtu. The ruling is a positive for the company which has been fighting with RIL for the last two years.
GSPL (7.87% down)
The shares of Gujarat State Petronet Ltd (GSPL) were down 7.87%. Some brokerage firms believe that the firm could be hurt by the outcome of RIL-RNRL high court verdict as gas will not be going to Gujarat; thus, GSPL will miss out on the transportation business.
Strides Arcolab (10.75% up)
The shares of Strides Arcolab Ltd gained on the back of A/H1N1 fears around the country. It is the only Indian company apart from Cipla that produces drugs for the disease. The stock was up Rs12.85 on Monday to close at Rs132.40 on the National Stock Exchange.
Voltas (8.97% down)
The Voltas Ltd stock declined 8.97% to close at Rs121.25 on Monday on the National Stock Exchange. Citi maintains sell rating with revised price target at Rs142 as the stock has gained 128% year-to-date, outperforming the Sensex by 84% since the election results.
GIC Housing Finance (2.44% up)
The shares of GIC Housing Finance Ltd gained after the firm’s board approved selling its 11.2% stake in LIC Mutual Fund Asset Management Co. Ltd for Rs89 crore. MF Global Sify Securities says this will add Rs16 per share in book value, which is expected at Rs95 and Rs104 for FY10 and FY11, respectively.
RCF (7.71% up)
The shares of Rashtriya Chemicals and Fertilizers Ltd (RCF) gained 7.71%. The firm’s management told CNCB-TV18 that they do not see any immediate impact of the Bombay high court ruling on RIL-RNRL case as RNRL plant will start three years hence. They are currently sourcing gas from RIL and ONGC.
Tata Steel (5.23% down)
The Tata Steel stock declined Rs23.95 on Monday to close at Rs433.80 on the National Stock Exchange. Enam Securities rates the stock as underperformer with a revised price target at Rs 220 per share. They expect the consolidated Ebidta to decline by 56% year-on-year in FY10.
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First Published: Tue, Jun 16 2009. 01 15 AM IST
More Topics: CNBC-TV18 | Shares | Stocks | Sensex | BSE |