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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Nov 19 2009. 12 42 AM IST
Updated: Thu, Nov 19 2009. 12 42 AM IST
Pantaloon Retail (5.4% up)
The shares of Pantaloon Retail (India) were up 5.4% after CNBC-TV18 reported that the company is in the final stages for a tie-up for Big Bazaar with an international player. The firm is restructuring itself, which includes acquiring consumer goods business, and demerger of investment firm.
Electrosteel (10.1% up)
Electrosteel Castings gained 10.1% after the company’s Rs600 crore foreign direct investment proposal was approved by the Foreign Investment Promotion Board. The firm plans to issue and allot eligible securities, including equity shares and non-convertible debt instruments.
Mercator Lines (7.9% up)
The Mercator Lines stock gained 7.9% after the Baltic Dry Index, which tracks transport costs on international trade routes, gained in excess of 90% in the last one month, reaching a 14-month high. The rise in the index is led by tighter ship availability, port congestion in China and coal ports along eastern Australia.
Hindustan Zinc (0.5% up)
The shares of Hindustan Zinc were up 0.5%, reaching a 52-week high on the back of firm zinc prices. After Asarco fallout, analysts expect Sterlite Industries to buy the government’s stake in the zinc manufacturer soon. Sterlite holds 65% in Hindustan Zinc and the government holds 29.5%.
Pratibha Industries (17.2% up)
The shares of Pratibha Industries gained 17.2% after the firm got a Rs294 crore order from Uttar Pradesh water board. The project is around 12% of the firm’s existing order book, which stands at around Rs2,400crore. The project has to be executed in 24 months, including four months of trial run.
Madhucon Projects (6.8% up)
Madhucon Projects gained 6.8% on reports that its subsidiary, TN (DK) Expressways Ltd, has started collecting toll since the beginning of this month. Madhucon Agra–Jaipur Expressways Ltd, one of the firm’s build-operate-transfer project, is collecting toll of around Rs70 lakh per day since May.
BOC India (6.1% up)
BOC India gained 6.1% after the firm signed long-term gas-supply deals with Moser Baer India, Euro Multivision, Solar Semiconductor and Indo Solar. The current orders are likely to add Rs300 crore to the company’s revenue and see turnover growing by 30-33% in 2009-10.
JSW Steel (4% up)
The shares of JSW Steel were up 4% on reports that the firm is in talks to sell a 7-11% stake to Japan’s Nippon Steel. The stake sale could fetch the company around $300-500 million. JSW Steel declined to comment, saying that it does not respond to speculation.
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First Published: Thu, Nov 19 2009. 12 42 AM IST