BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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Indiabulls (13% up)
Shares of Indiabulls Real Estate were up 13% on reports that its subsidiary Indiabulls Power is in the process of filing a draft red herring prospectus with Sebi for an initial public offer (IPO) of Rs1,500 crore. The IPO is likely to result in promoter holding in the firm coming down from 71.4% to 57.8%.
Shriram City (6.8% up)
Shares of Shriram City gained 6.8% on Wednesday after Norwest Venture Partners (NVP) acquired at least 8% equity in the company at Rs315 per share and invested at least Rs120 crore. NVP bought the stake from Indopark Holdings, which is the fully owned subsidiary of Merrill Lynch.
Jaiprakash Hydro (9.4% up)
The stock of Jaiprakash Hydro-Power Ltd gained 9.4% on the firm’s fund-raising plans. Its board has already approved a proposal to raise up to Rs1,500 crore through the issue of financial securities in the market. The company has also got the board’s approval to merge Jaiprakash Power Ventures with itself.
Bajaj Auto Finance (20% up)
Shares of Bajaj Auto Finance Ltd surged 20% after the firm reported a fivefold jump in its first quarter net profit, at Rs15.21 crore, compared with the year-ago period. The firm told CNBC-TV18 that demand for consumer durables finance has improved and it will maintain this growth if the monsoon is good.
Mercator Lines (13.4% up)
Shares of Mercator Lines Ltd surged 13.4% on the National Stock Exchange on Wednesday as the Baltic Dry Index rebounded nearly 4% from the seven-week lows that it touched on Monday. The Baltic Dry Index has fallen nearly 33% from 4,300 to below 3,000 and now trades above 3,000.
Suzlon Energy (4.7% up)
Shares of Suzlon Energy Ltd were up 4.7% on Wednesday. REpower Systems AG, a subsidiary of Suzlon, has won an order from Vattenfall AB for the supply of 30 turbines with a rated capacity of 150MW. The firm is also in the process of raising funds through the qualified institutional placement route.
Ackruti City (12.3% up)
The stock of Ackruti City Ltd rose 12.3% after CNBC-TV18 reported that the firm is looking to raise up to Rs1,000 crore through the qualified institutional placement route and is likely to dilute up to 20% stake. The company is likely to appoint merchant bankers by next week.
Adani Enterprises (7.6% up)
The stock of Adani Enterprises Ltd was up 7.6% on Wednesday after gaining 10% a day ago. CNBC-TV18 has reported that its subsidiary, Adani Power Ltd, is looking to raise around Rs3,500 crore through an initial public offer, which is likely to open on 28 July and close on 31 July.
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