Sesa Goa (5.1% down)
Shares of Sesa Goa declined 5.1% on Tuesday after the the mining ministry proposed a windfall tax on sales and export of non-fuel minerals such as iron ore. Earlier in April, the Union government had raised export taxes on iron ore lumps to 15% from 10%, to ensure sufficient supply for the domestic steel industry.
Lasrsen and Toubro (3.26% up)
The Larsen and Toubro (L&T) stock rose 3.26% on Tuesday. The firm had on Monday reported a profit of Rs1,438 crore for the March quarter, beating analysts’ expectations. The quarterly profit is 44% higher than the Rs998 crore in the March quarter last fiscal. The firm expects a 25% rise in order inflows and 20% rise in revenue for fiscal 2011.
Jai Balaji (8% down)
Shares of Jai Balaji Industries closed flat, but was down by almost 8% from the day’s high on reports that Severstal had initiated talks with the company to buy equity stake. This could be done directly or through the Purulia joint venture. The deal could take four-six months. The company said it is in talks with some firms for equity participation and is open to giving away more than 15% stake to international firms.
Shree Renuka (3.87% up)
Shares of Shree Renuka Sugars gained 3.87% on Tuesday following reports that the company is renegotiating the price of its proposed Rs1,530 crore acquisition of Brazilian sugar and ethanol maker Equipav and may instead pay only around Rs1,000-1,100 crore. The firm may call of the deal if Equipav does not agree to the new terms . Other companies such as Noble are also in talks with Equipav.