BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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Reliance Industries (down 3.8%)
Reliance Industries Ltd closed down 3.8% on lower-than-expected results. JPMorgan cut its price target to Rs2,200 from Rs2,300. FY10 earnings per share (EPS) was seen at Rs113, FY11 at Rs176. Enam cut FY10 and FY11 EPS estimates by 8%, target price set at Rs1,903.
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MIC Electronics (down 5.3%)
MIC Electronics was down 5.3% on poor results. Fourth quarter consolidated net profit was down 54% at Rs11.5 crore, while net sales were down 35% at Rs59.9 crore. Earnings before interest and tax stood at at Rs14.17 crore against Rs30.98 crore and operating profit margin was down 9 basis points.
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GAIL (India) (down 3.8%)
The GAIL share was down 3.8% after first quarter profit after tax fell 26.9% to Rs655.84 crore, and operating profit margin dropped 672 basis points to 17.70%. The results were below analyst expectations. ICICI Securities downgraded the stock to hold from buy, and advised investors to book profits.
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United Phosphorus (up 6.5%)
United Phosphorus Ltd shares were up 6.5% on reports that the company is seen as a strong contender to buy a 63% stake in Gharda Chemicals, a maker of dyestuffs, pesticides, veterinary drugs and polymers. Gharda expects an enterprise valuation of Rs2,500-3,000 crore.
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Tata Steel (up 3.7%)
The Tata Steel share was up 3.7% after CLSA analysts upgraded it to buy with a target of Rs575, preferring it over JSW Steel and SAIL. While restructuring charges will keep FY10 profits under pressure, they see a sharp profit recovery in FY11 even if steel prices stay flat.
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Fortis Healthcare (up 9%)
Shares of Fortis Healthcare ended the day with a gain of 9% after the company reported good first quarter numbers. The hospital chain company posted a net profit of Rs7.55 crore compared with Rs94 lakh in the previous year. Revenue was at Rs185.4 crore, up from Rs139 crore in the previous year.
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Torrent Power (up 9.2%)
Torrent Power rose 9.2% after it started commercial generation of electricity from the second 382.5MW unit of its Sugen power plant in Gujarat. With this, installed capacity at the plant has been raised to 765MW. The third unit is expected to commence commercial operation during the quarter.
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Lanco Infratech (up 6.2%)
Lanco Infratech Ltd climbed 6.2% after its unit tied up Rs416 crore of debt as funding for a project. Lanco Hydro Energies is developing a 76MW hydroelectric project in Uttarakhand at an estimated cost of Rs520 crore. A consortium of five banks is providing the debt.
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