Bajaj Hindusthan (0.5% up)
Shares of Bajaj Hindusthan were up 0.5% but nearly 5% off the day’s high after the agriculture minister asked states to pay the difference over “fair and remunerative price” only for levy sugar. Also, reports that the Uttar Pradesh government has temporarily banned import of raw sugar weighed on the stock.
Suzlon Energy (5.3% down)
Suzlon closed down 5.3% after shedding 12.8% on Tuesday after poor results and giving a lower guidance. The firm reported consolidated revenue of Rs4,793 crore for the second quarter, and a net loss of Rs356 crore due to lower volumes. It also reduced its shipment guidance to 1,900-2,100MW from 2,400-2,600MW.
Educomp Solutions (16.3% up)
The Educomp Solutions share rose 16.3% after losing 11% on Tuesday on a brokerage note that it will securitize its receivables from SmartClass schools. Analysts say this will make the firm cash-flow positive, reduce debt-raising requirements and risk of equity dilution. But a few clarifications are required on the type of cash flow.
Kingfisher (10% up)
Shares of Kingfisher Airlines rose 10% at close after the firm was reported to have reached an out-of-court settlement with Bharat Petroleum Corp. Ltd (BPCL) over dues. Kingfisher owed BPCL Rs314 crore as jet fuel dues. The airline will pay Rs40 crore in the next 12 days and the rest in 12 monthly instalments.
JP Hydro-Power (7.6% up)
Jaiprakash Hydro-Power shares were 7.6% higher at close. Reports suggest that a restructuring is under way at the Jaypee Group company, and that it will include unlisted projects as well. The company’s operating capacity is expected to increase to 2,895MW by October 2011, from 700MW currently.
Vishal Retail (3.5% up)
Shares of Vishal Retail closed up 3.5% after the company said its board had approved a corporate debt restructuring (CDR) package and that bankers are evaluating it. The total CDR package is around Rs730 crore. The retailer is not looking at any equity issue to retire debt, and will explore a promoter stake sale option if needed.