Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Aug 20 2009. 09 46 PM IST
Updated: Thu, Aug 20 2009. 09 46 PM IST
Puravankara (20% up)
Shares of Puravankara Projects Ltd ended up 20% on the National Stock Exchange on the possibility of a qualified institutional placement and bottoming out of realty prices in Bangalore. Analysts are bullish on this stock as the firm’s balance sheet is healthy with a debt-equity ratio of 0.6.
3i Infotech (8.5% up)
The 3i Infotech Ltd share climbed 8.5% on the National Stock Exchange on a proposed qualified institutional placement (QIP) for debt repayment. The board has approved a QIP of up to Rs500 crore, much of which will be used to retire debt, which should bring down the debt-equity ratio.
Gujarat NRE Coke (4.9% up)
Shares?of?Gujarat?NRE?Coke?Ltd?ended?4.9% higher on the National Stock Exchange on reports that China’s top coking coal producer said it had raised prices for coking coal since the beginning of August on higher demand. The firm is also in the final stages of commissioning its mines at Wongawilli.
Bharati Shipyard (5.5% up)
Bharati Shipyard Ltd shares were 5.5% higher on the National Stock Exchange after gaining nearly 10% on Wednesday. Reports suggest Bharati is warehousing Great Offshore Ltd’s shares, to raise its stake to 26%. Bharati has an advantage here over ABG Shipyard Ltd.
Glenmark (3.9% down)
Shares of Glenmark Pharmaceuticals Ltd fell 3.9% on the National Stock Exchange after Wednesday’s fall of 14.6% on oglemilast disappointment. Forest indicated that oglemilast data disappointed in phase IIb trials and it is unlikely that its development will continue.
Kinetic Engineering (5% up)
Kinetic Engineering Ltd was up 5% on the Bombay Stock Exchange after the company’s management told CNBC-TV18 that the sale of non-core assets will fetch Rs44 crore, which will be used to repay debt. In the next two quarters, the company will recover all its losses, it said.
Unitech (2.4% up)
The Unitech Ltd share closed 2.4% up on the National Stock Exchange after its management said the company expects to roll out mobile services by December. The stock closed at Rs84.45 after opening at Rs83.80. The promoters’ stake is likely to rise to 49% from 43% post-warrant conversion.
CEAT (4% up)
CEAT Ltd closed 4% up on the National Stock Exchange after the company said it has to raise prices if rubber prices stay high. The company may increase tyre prices by 3-5% in October. About 50% of capex is funded from internal accruals and the remaining through debt.
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First Published: Thu, Aug 20 2009. 09 46 PM IST
More Topics: CNBC-TV18 | Sensex | Stocks | BSE | Shares |