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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, May 06 2010. 10 16 PM IST
Updated: Thu, May 06 2010. 10 16 PM IST
Indian Oil (2.66% up)
Shares of oil marketing companies rose after the ministry of petroleum and natural gas announced additional cash subsidy of Rs14,000 crore to them. Shares of Bharat Petroleum rose 2.42%, Hindustan Petroleum 1.22%, and Indian Oil Corp. 2.66% after the announcement.
Glenmark (1.21% down)
The Glenmark Pharmaceuticals share fell 1.21% after subsidiary Glenmark Generics signed a deal for distribution and marketing of an unnamed branded product in the US with Taro Pharmaceuticals. Glenmark will manufacture the product exclusively for Taro and will receive milestone payments.
Dabur (1.53% up)
Shares of Dabur rose 1.53% on reports that the firm is in talks to buy some brands of Paras Pharma such as DermiCool, Moov and Krack. Private equity fund Actis, which has a 60% stake in Paras, is looking to exit the firm. Dabur officials say they can’t comment on market speculations.
Suzlon (5.17% up)
Suzlon gained 5.17% on market talks that the company is likely to receive a 365MW order from Australia. Also, the company’s bond holders recently approved the restructuring of foreign currency convertible bonds, which will relax covenants and reduce conversion price.
Cipla (3.10% up)
The Cipla scrip rose 3.10 % after joint managing director Amar Lulla reiterated that the company is “in active talks” with the world’s second largest pharmaceutical company Pfizer for an outlicensing deal. Cipla has said the strategic partnership will be for emerging markets.
Shree Renuka (2.07% up)
Shares of Shree Renuka Sugars gained 2.07% after broking house CLSA maintained a buy rating on the firm’s shares. Other than a potential recovery in sugar prices, a possibility of higher ownership in Equipav could be a trigger for Shree Renuka Sugars.
Bank of Rajasthan (5.4% down)
The Bank of Rajasthan stock fell 5.4% after reports that the Tayal family, which controls the private sector bank, may be in talks with private banks for a stake sale. The Tayals had around 29% holding at end-December, according to Bombay Stock Exchange data.
Bajaj FinServ (3.72% up)
Bajaj FinServ rose 3.72% on talks that investors may gain from the Reserve Bank of India’s new pricing norms that asked foreign investors to value private firms using the discounted cash flow method. This means Allianz will have to pay more to raise its stake in Bajaj Allianz Life Insurance.
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First Published: Thu, May 06 2010. 10 16 PM IST
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