Sesa Goa (5.65% up)
The shares of Sesa Goa Ltd gained Rs10.85 on Friday to close at Rs203 on the National Stock Exchange on Friday. The firm has acquired VS Dempo’s mines for Rs1,750 crore. Morgan Stanley says the acquisition could lift Sesa Goa’s FY10 earnings per share by 12%.
JSW Steel (11.04% up)
The JSW Steel stock’s target price has been upgraded by Macquarie to Rs826 from Rs543 on the back of improved order flow at its US facility and further clarity on its debt repayments. CLSA has also upgraded the stock to buy from underperform.
The shares of Jindal Steel and Power Ltd gained 5.25% on Friday to close at Rs125.80 on the National Stock Exchange. The stock is replacing the Reliance Power Ltd stock in the Nifty from 17 June. Analysts believe that the firm could witness value unlocking.
Tech Mahindra (6.80% down)
The shares of Tech Mahindra declined 6.8% on reports that the firm is facing challenges due to a rise in Satyam’s share price. It will have to either pay Rs1,200 crore extra for the additional 20% preferential allotment, or maintain the stake at 31% and risk a hostile bid.
Engineers India (10% up)
The shares of Engineers India Ltd gained 10% on the back of better-than-expected results. The March quarter standalone net sales were at Rs407.55 crore against Rs242.82 crore a year ago. Its net profit was at Rs158.82 crore in the quarter compared with Rs56.68 crore a year ago.
Mcnally Bharat (4.36% up)
The Mcnally Bharat Engineering Co. Ltd stock gained Rs5.20 on Friday to close at Rs124.45 on the National Stock Exchange after the company secured a Rs300 crore order by Hindustan Zinc to set up a zinc beneficiation plant in Rajasthan. The stock touched the upper trading limit on the Bombay Stock Exchange.