BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
Educomp (9.35% down)
Shares of Educomp Solutions Ltd declined 9.35% after the company closed its qualified institutional placement issue priced at Rs3,845, which could lead to a 7-10% equity dilution. The stock had run up nearly 45% in the last four weeks in anticipation of the issue.
GAIL (3.43% down)
The GAIL (India) Ltd stock declined 3.4% as the firm’s management told CNBC-TV18 that the company could face losses if section 80I (A) of the Income-tax Act is replaced by section 35 (AD). The increase in minimum alternate tax will also impact profits for three years.
Tata Steel (8.58% down)
The Tata Steel share fell 8.58% after the managing director of the firm said that the company had not increased steel prices for July. B. Muthuraman said that there was no plan to increase the prices. The steel maker is going to increase its production by 20% over the previous year.
Gujarat Sidhee (10.31% up)
The Gujarat Sidhee Cements Ltd stock gained 10.3% on the back of strong results of Prism Cement, where realizations went up by 18% quarter-on-quarter. The shares of Gujarat Sidhee Cements closed at Rs16.05 each on the National Stock Exchange on Wednesday.
Sesa Goa (2.71% up)
Shares of Sesa Goa gained 2.71% after China accepted 33% iron ore price cut for the next six months against the expected 40%, which is in line with Japanese and South Korean steel mills. The stock is also benefiting from iron ore royalty not being linked to market prices in the Budget.
Adani Enterprises (7.72% down)
The Adani Enterprises Ltd share declined 7.7% on reports that the Opposition in Gujarat has accused chief minister Narendra Modi of purchasing power at higher rates from Adani Power. The firm clarified that Adani Enterprise is a power trader and makes a 4 paise commission on trading in spot power.
IndusInd Bank (7.29% up)
IndusInd Bank Ltd was up 7.3% on the back of good results. The bank posted a stand-alone net profit of Rs86.5 crore for 2008-09 compared with Rs19.1 crore in the previous fiscal. The bank told CNBC-TV18 that its non-performing assets have reduced to 1%.
HPCL (2.88% up)
Shares of Hindustan Petroleum Corp. Ltd (HPCL) were up 2.9% since the price of crude oil has been falling for the last 7-10 days. The price of crude oil has fallen nearly 15% in July. The HPCL stock closed at Rs325.55 on the National Stock Exchange on Wednesday.
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