Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Nov 10 2009. 10 36 PM IST
Updated: Tue, Nov 10 2009. 10 36 PM IST
NMDC (20% up)
Shares of NMDC Ltd soared 20% on a CNBC-TV18 report that the government may consider a proposal to divest around 15% of its stake in the firm. The proposal is expected to be taken up for approval by the cabinet committee of economic affairs on 19 November.
Educomp Solutions (9.2% down)
Shares of Educomp Solutions Ltd declined 9.2% on Tuesday, possibly reacting to a comment by human resources development minister Kapil Sibal at the World Economic Forum India Economic Summit in New Delhi. Sibal had said, “We cannot allow education to be subject to risk factors.”
JSW Steel (4.2% up)
Shares of JSW Steel Ltd were up 4.2% on news that JSW Energy Ltd had received Sebi nod for an initial public offering (IPO), which is likely to be launched in the last week of November or in early December. The firm is looking to raise at least Rs2,600 crore from the share sale.
IVR Prime (10% up)
Shares of infrastructure firm IVR Prime Urban Developers Ltd rose 10% on Tuesday after its board approved the amalgamation of the firm with IVR Strategic Resources and Services Ltd and IVRCL Water Infrastructures Ltd, subject to shareholders and regulatory approvals.
Brigade (7.7% up)
Shares of Brigade Enterprises Ltd were up 7.7% on Tuesday after Oracle India bought the entire 1 million sq. ft office space of Brigade North Star for Rs600 crore, which is the largest singular office transaction in south India. North Star is part of Brigade’s 40 acre township in Bangalore.
Reliance Industries (1.5% up)
The Reliance Industries Ltd (RIL) stock was up 1.5% after the firm announced its first oil discovery in Cambay Basin. RIL holds 100% participating interest in this block, which is about 130km from Ahmedabad, Gujarat. This discovery is expected to open future potential within the block.
LIC Housing Finance (1.5% down)
Shares of LIC Housing Finance Ltd were down 1.5% on Tuesday after Citi initiated “sell” on the firm’s scrip with a price target of Rs740. Citi feels that the best is probably behind the company and that high reliance on wholesale funding makes margins vulnerable in a rising interest rates environment.
LT Overseas (6% up)
Shares of LT Overseas Ltd gained 6% to close at Rs61.2 after the firm allotted 3.8 million shares on preferential basis to investors at Rs66, raising Rs25.4 crore. Investors had also committed Rs23 crore in unlisted subsidiary Daawat Foods acquiring 26%.
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First Published: Tue, Nov 10 2009. 10 36 PM IST
More Topics: CNBC-TV18 | Sensex | Bombay Stock Exchange | BSE | NMDC |