Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Wed, Jul 01 2009. 12 59 AM IST
Updated: Wed, Jul 01 2009. 12 59 AM IST
GMR Infra (8.79% down)
GMR Infrastructure Ltd fell 8.79% after CNBC-TV18 reported that it has scrapped plans to sell shares to institutional investors to raise $500 million. The firm told CNBC-TV18 that investors felt valuations were high and will decide at the appropriate time for future funding.
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DLF (8.05% down)
Shares of DLF Ltd were down 8% after CNBC-TV18 reported that hedge fund DE Shaw’s exit from DLF Assets Ltd, DLF’s property fund, may have hit a Reserve Bank of India roadblock with regard to Foreign Exchange Management Act regulations.
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Suzlon Energy (11.44% down)
The Suzlon Energy Ltd share maintained its losing streak after poor results over the weekend, and closed down 11.44%. Also driving it lower was the lack of an update on the Hansen stake sale as expected. On a stand-alone basis, Suzlon reported a Q4 net loss of Rs183 crore.
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HDIL (12.19% down)
Housing Development and Infrastructure Ltd (HDIL) was down 12% after completing its QIP on Monday. The company raised nearly $350 million, while the book was open for at least $300million with an option to raise up to $450 million. The price band offered was Rs240-250 per share.
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United Spirits (4.84% down)
The shares of United Spirits fell 4.84% after CNBC-TV18 reported that the company has sold 12.4 million treasury shares, or a 12.4% stake, for around Rs1,100 crore. The stock was under pressure as the market anticipated a strategic investment rather than financial investment.
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Ajmera Realty (17.36% up)
Ajmera Realty and Infra India Ltd shares rose 17.36% post-results. The company told CNBC-TV18 that the numbers were not comparable due to a demerger. The firm expects a substantial rise in revenues in FY10 due to new launches and by selling 30-35 flats a month at Rs8,500 per sq. ft.
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Tata Motors (7.23% down)
After an 8% decline on Monday, the Tata Motors scrip fell 7.23% on the company posting a net loss for first time in eight years. The firm had a consolidated net loss of Rs2,505 crore for FY09 against a profit of Rs2,167 crore a year earlier due to a Rs1,777 crore hit from Jaguar Land Rover.
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Tulip Telecom (7.83% down)
Shares of Tulip Telecom Ltd closed up 7.83% post-results. The firm said Q4 net profit rose to Rs250 crore against Rs187.2 crore in the year-ago period. The management sees a big rise in revenues from fibre optics in the next two years, and outlined capex of Rs300 crore for fiscal 2009.
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First Published: Wed, Jul 01 2009. 12 59 AM IST