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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Fri, May 29 2009. 10 14 PM IST
Updated: Fri, May 29 2009. 10 15 PM IST
HPCL 8.4% Up
Shares of Hindustan Petroleum Corp. Ltd (HPCL) ended up 8.4% to close at Rs362.95 on the National Stock Exchange on Friday after petroleum minister Murli Deora said the cabinet will soon take a decision on tax breaks for gas production, and also decide on deregulation of oil prices.
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Gateway 11.59% Up
Shares of Gateway Distriparks Ltd gained 11.59% after Allcargo Global Logistics exited the firm by selling a 5.97% stake in the last two months. Yesterday, Sealand Terminals, a wholly owned subsidiary of Allcargo Global, sold 1.45 million shares of Gateway Distriparks at Rs83.7 per share.
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JP Associates 8.36% Up
Shares of Jaiprakash Associates Ltd closed 8.36% up as one of its residential projects in Noida sold 3,300 apartments in 24 hours, at a price of Rs19-30 lakh per unit. The firm has guided revenues of Rs1,000 crore from its real estate division in 2009-10.
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Nagarjuna Cons 10.2% Up
Shares of Nagarjuna Construction Co. Ltd closed up 10.2% after the firm guided FY10 consolidated profit at Rs5,500 crore and new orders at Rs6,500 crore. The firm’s Ebitda (earnings before interest, depreciation, tax and amortization) may improve to 9.5-9.75% in the fiscal.
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Sun Pharma 8% Down
The Sun Pharmaceuticals Industries Ltd stock declined 8% on the back of poor performance of its US unit Caraco Pharmaceuticals Laboratories Ltd. The unit reported a lower-than-expected net income, at $20.5 million for FY09 compared with $35.4 million a year ago.
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Mahindra Forgings 20% Up
Shares of Mahindra Forgings Ltd surged 20% after a Mahindra and Mahindra meet where the company said that 200 auto component suppliers in Germany are expected to default by 2009, which could benefit Mahindra Forgings’ export business.
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Gokaldas Exports 5% Up
The Gokaldas Exports Ltd stock gained 5% on the Bombay Stock Exchange on Friday. The management of the firm told CNBC-TV18 that they are meeting the finance secretary next week to submit requests for textile reforms, which include reducing duty drawbacks and interest rate exemptions.
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KCP 10.01% Up
Shares of KCP Ltd gained 10.01% on the back of improved fourth quarter results. It had reported a 31% increase in its revenue to Rs119.68 crore, against Rs91.31 crore a year ago. It posted a net profit of Rs20.91 crore in the quarter, against Rs6.18 crore in the year-ago period.
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First Published: Fri, May 29 2009. 10 14 PM IST
More Topics: Sensex | Stock exchange | HPCL | Gateway | Sun Pharma |