Tata Steel (5.40% down)
Stock dipped 5.40%. Standard & Poor’s said it had kept its ‘BB’ issue rating on the £3.67 billion senior secured debt of Tata Steel UK Ltd (TSUK) on CreditWatch with negative implications. TSUK is the intermediate parent holding firm of Corus Group Plc and is a wholly owned subsidiary of Tata Steel.
DLF (5.97% down)
Nomura maintained a reduced rating for the firm, with a revised 12-month price target of 152 from 164 due to changes in the firm’s developable area, amount payable for land bank and change in net debt. It said given that fundamentals have not improved majorly, DLF’s high valuations are unjustified.
ICICI Bank (5.18% down)
Shares declined 5.18% after ICICI Bank’s stock rating was cut by Macquarie Group. Macquarie believes the bank’s ability to leverage on growth is constrained by the need to restructure the deposit base first, and estimates that this will take at least four-six quarters.
Godrej Industries (4.28% up)
Godrej Industries Ltd surged 4.28%. The company plans to buy back 57 lakh shares from the open market at a price of up to Rs275 per share aggregating to Rs99 crore. The buyback would begin on 18 May and close on 20 July. As of 31 March, the promoters held a 78.57% stake.
Havell’s India (36.03% up)
Havell’s India stock surged 36.03%. The total number of shares traded on NSE, BSE were around 50 lakh against free float (after excluding promoters and institution holding) of 1.2 crore shares. The management said cash flows have been improving.
Kanoria Chemicals (20% up)
Kanoria Chemicals and Industries Ltd stock surged 20% on the back of good results. The company said it has completed the acquisition of land for setting up chemical plant in Vizag. The construction of the plant is now expected to be completed by the second quarter of fiscal year 2010-11.
IRB Infrastructure (2.74% up)
Religare put a “buy” rating on the firm, with target price at 122. It said the firm collects toll revenues of Rs2.1 crore per day, including the Surat-Dahisar stretch which earns Rs90 lakh each day. From June, the company expects toll revenues of Rs2.7 crore per day once the Bharuch-Surat stretch becomes operational.
Adlabs (4.63% down)
Adlabs was down 4.63% as no resolution emerged in the stand-off between multiplexes and distributors at a meeting of both the parties held on Tuesday. Distributors have not accepted the 50:50 revenue sharing deal on new releases proposed by multiplexes.