Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Jun 02 2009. 11 22 PM IST
Updated: Tue, Jun 02 2009. 11 22 PM IST
Satyam (up 11.51%)
The Satyam stock was up 11.51%, crossing Tech Mahindra’s open offer price of Rs58 per share. The stock has been seeing accumulation happening in the last few days; total delivery marked on 1 June was 173 million shares compared with 72 million shares a day earlier.
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Gujarat NRE (up 9.85%)
The shares of Gujarat NRE Coke gained 9.85%. The firm has allotted debentures totalling Rs50 crore to Corporation Bank and State Bank of Hyderabad. The firm is also planning to ramp up production in its two Australian coking coal mines from 0.8 million tonnes (mt) in FY09 to 2mt in FY10.
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Tata Steel (up 8.01%)
Tata Steel gained Rs36.10 to close at Rs474.50 on the National Stock Exchange on Tuesday. The stock was up 8.01% on Monday on reports that the steel manufacturer’s Corus unit had agreed with banks to relax lending conditions on some of its debt.
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Bajaj Hindusthan (up 6.68%)
The shares of Bajaj Hindusthan were up 6.68% on speculation that sugar mills may get more time to sell their unsold non-levy stocks from May. Non-levy, or free-sale sugar, is sold by millers in the open market, but the quantity each mill can sell is fixed by the Union government.
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Escorts (up 7.44%)
The Escorts share gained 7.44% on the National Stock Exchange to close at Rs77.30 on Tuesday. The company is looking to raise funds through a qualified institutional placement. The firm has been able to reduce its debts significantly after a financial restructuring in 2004.
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Hanung Toys (up 10.05%)
The shares of Hanung Toys gained 10% as the firm’s order book has seen a revival, adding around Rs300-350 crore in the last three months. The toy maker had dropped its China acquisition plans last year, and there are no plans for raising funds. The firm’s FY10 earnings per share is expected to be Rs31-32.
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Sanghvi Movers (up 10%)
The Sanghvi Movers stock rose 10% on the National Stock Exchange to close at Rs171.10 on Tuesday. Brokerages have been recommending the stock on back of demand for cranes from the industrial segment once companies start remobilizing their capex plans.
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NMDC (down 5%)
The shares of NMDC Ltd declined 5% on the National Stock Exchange to close at Rs433.50 on Tuesday. JSW Steel said that it was expecting that the public sector mining company will cut iron ore prices by 42-45% in the current fiscal year.
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First Published: Tue, Jun 02 2009. 11 22 PM IST
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