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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Dec 10 2009. 01 15 AM IST
Updated: Thu, Dec 10 2009. 01 02 PM IST
Maruti Suzuki (2.72% up)
Maruti Suzuki India Ltd rose 2.72% on Wednesday after Volkswagen AG agreed to buy a 19.9% stake in Suzuki Motors for $2.5 billion (around Rs11,700 crore). The Suzuki deal is likely to close in January 2010. Volkswagen and Suzuki will remain independent companies.
Patni Computer (1.01% down)
Shares of Patni Computer Systems Ltd fell 1.01% on Wednesday after CNBC-TV18 reported that private equity firm General Atlantic, which holds 16% stake in the IT company, deferred a decision to open the bids for Patni Computer ’s stake sale due to low pricing.
Alok Industries (5.37% up)
Alok Industries Ltd surged 5.37% on Wednesday after the company said it plans to wind up its real estate business to retire some debt and also bring back investments to its core business. Also, Alok Retail is reportedly in talks with private equity players for a stake sale.
NDTV (7.38% down)
Shares of New Delhi Television Ltd (NDTV) declined 7.38% after I-Sec downgraded the stock to sell from buy. The firm said on Tuesday it had signed a deal with Turner Asia Pacific Ventures Inc., a Time Warner Inc. company, to sell a 76% indirect stake in entertainment channel NDTV Imagine Ltd.
KPIT Cummims (9.87% up)
KPIT Cummins Infosystems Ltd surged 9.87% after promoters hiked their stake in the firm by 3.59% through purchase of shares worth Rs33.51 crore in open market transactions. Shares of the company closed at Rs131.50 each on the National Stock Exchange on Wednesday.
KRBL (17% up)
The KRBL Ltd stock surged 17% after the government partially lifted a ban on exports of organic non-basmati rice. Exports of rice was banned in 2008. The government has now capped exports at 10,000 tonne per year and said there is no need to import rice.
Infomedia 18 (3.63% up)
Infomedia 18 gained 3.63% on Wednesday after the firm said it will offer three equity shares for every two held in the company on rights basis. The rights shares will be offered at Rs33.5 per share, the firm said in a statement to the stock exchange. The rights issue, it said, would open on 29 December and close on 6 January 2010.
Time Technoplast (7.39% up)
Shares of Time Technoplast, a firm specialising in polymer products, soared 7.39% on Wednesday. Reliance Mutual Fund bought a 2.4% stake (around 50 lakh shares) in the company for Rs19.4 crore, at Rs 38.9 per share on Tuesday. The company reported an earnings per share of Rs 3.30 for FY09.
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First Published: Thu, Dec 10 2009. 01 15 AM IST