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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Wed, Jul 08 2009. 01 01 AM IST
Updated: Wed, Jul 08 2009. 01 01 AM IST
M&M (5.64% up)
The Mahindra and Mahindra (M&M) Ltd stock gained 5.64% on the back of reduction in special excise duty applicable to large cars and utility vehicles with 2000cc-plus engines from Rs20,000 to Rs15,000.
GSPL (7.85% up)
The Gujarat State Petronet Ltd (GSPL) stock increased 7.85% after tax incentive for gas pipelines in the Budget. The government intends to extend investment-linked tax incentives for laying and operating cross-country gas pipelines.
Jaiprakash (6.55% up)
The Jaiprakash Associates Ltd stock gained 6.55%. Institutional investors are bullish on the stock after the merger of JP Power Ventures with JP Hydro-Power Ltd. The stock closed at Rs205.85 on the National Stock Exchange on Tuesday.
HDIL (5.16% down)
The Housing Development and Infrastructure Ltd (HDIL) stock ended down 5.16%. The stock is under pressure as announcement on increase of income tax exemption limit on interest for housing loans did not come in the Budget.
IVRCL Infra (9.31% up)
The shares of IVRCL Infrastructures and Projects Ltd gained 9.31%. Nomura maintains buy rating for IVRCL. State governments have been allowed to borrow additional 0.5% of the state gross domestic product.
Voltas (9.02% up)
The shares of Voltas Ltd gained 9.02% after the Budget announced 100% deduction from taxation for investments in cold-storage chain facilities or warehousing for storage of agricultural and dairy produce .
ITC (6.83% up)
ITC Ltd shares gained 6.83%. The stock has been rerated after the Budget left excise rates on cigarettes unchanged. The market expected a hike in excise duty of between 5% and 10%. Kotak has increase the target price for the stock to Rs235 from Rs225.
Marico (12.21% up)
The Marico Ltd stock gained 12.21% on the back of abolition of fringe benefit tax and no increase in excise duty on most personal and home care products. The rural focus of the Budget is expected to boost sale volumes for the firm.
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First Published: Wed, Jul 08 2009. 01 01 AM IST
More Topics: CNBC-TV18 | Sensex | Bombay Stock Exchange | BSE | HDIL |