Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Oct 06 2009. 11 37 PM IST
Updated: Tue, Oct 06 2009. 11 37 PM IST
Bharti Airtel (10.76% down)
Bharti Airtel Ltd was down 10.76%. The fall was caused by Reliance Communications’ new tariff plans, which intensified domestic competition. Most brokerages downgraded the telecom sector post this news. IIFL downgraded Bharti to “reduce” with a target price of Rs356.
Jet Airways (11.10% up)
Shares of Jet Airways (India) Ltd were up 11.10%. Most dealers believe the share price movement comes ahead of firm’s plan to raise money via a qualified institutional placement. Also, Bank of America-Merrill Lynch upgraded its rating to “buy” with a price objective of Rs504.
Parsvnath (1.63% down)
Parsvnath Developers Ltd fell 1.63% after CNBC-TV18 reported the firm is in talks with private equity funds to raise Rs225 crore. Red Fort Cap, Sun Apollo are likely to pick up stakes in two projects. Fitch recently downgraded Parsvnath due to heavy restructuring.
Prism Cement (6.23% down)
Prism Cement Ltd fell 6.23% on the back of poor results. The firm’s second quarter net sales stood at Rs228.4 crore against Rs271.3 crore in the previous quarter. Net profit stood at Rs35 crore compared with Rs74.2 crore , while operating profit margin declined to 22% from 44%.
RCom (10.61% down)
Reliance Communications Ltd lost 10.61% after the company launched a flat 50 paise per minute lifetime tariff for all calls/SMS made by its CDMA/GSM prepaid subscribers at zero monthly fixed charge. The management told CNBC-TV18 the new plan will garner it significant market share.
HCL Technologies (5.34% down)
HCL Technologies Ltd fell 5.34% after leading a brokerage firm said the company’s September quarter sales are expected to go down by 2% to Rs2,841 crore on a quarter-on-quarter basis. The company’s net profit is expected to go up by 25% to Rs411 crore on quarter-on-quarter basis.
Lupin (3.38% up)
The Lupin Ltd share was up 3.38% after the firm granted Salix Pharmaceuticals exclusive rights for the US to its bioadhesive technology for use with Rifaximin. Salix has made an upfront payment of $5 million and will make additional regulatory milestone payments.
Omnitech Info (16.48% up)
Shares of Omnitech Infosolutions Ltd were up 16.48% after the board confirmed the issue of 1 million warrants convertible into equity shares on preferential basis and the raising of funds not exceeding $50 million by way of qualified institutional placements, etc.
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First Published: Tue, Oct 06 2009. 11 37 PM IST
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