Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Fri, Jul 10 2009. 11 20 PM IST
Updated: Fri, Jul 10 2009. 11 20 PM IST
SREI Infra (11.84% down)
SREI Infrastructure Finance Ltd declined 11.84% after CNBC-TV18 reported that the ministry of corporate affairs is examining SREI’s links with Maytas Infra Ltd for possible fraud and financial irregularities in various projects. The firm claimed that its exposure to Maytas Infra is minimal.
Dish TV (7.62% down)
Shares of Dish TV India Ltd ended down 7.62% to close at Rs33.35 on the National Stock Exchange on Friday. The stock has been under pressure after finance minister Pranab Mukherjee, in the budget presented on 6 July , raised customs duty on set top boxes from 0% to 5%.
Praj Industries (8.13% down)
Shares of Praj Industries Ltd ended down 8.13% on the National Stock Exchange after the company reported not-so-encouraging results. The firm’s first quarter stand-alone sales was down 18.3% to Rs126.42 crore, compared with Rs154.76 crore, and its net profit rose 2.34% to Rs 25.33 crore.
VST Industries (10.16% down)
Shares of VST Industries Ltd declined 10.16% to close at Rs350.30 on the National Stock Exchange on Friday after Rajasthan became the third state to raise value added tax (VAT) from 12.5% to 20%. Earlier, two other states—New Delhi and Maharashtra—had proposed to raise VAT.
Bajaj Hindusthan (9.66% down)
Shares of Bajaj Hindusthan Ltd fell 9.66% on Friday after falling 5% on Thursday. Prior to this, the stock had risen on reports that the firm would be restructuring its balance sheet. The company is planning to sell shares through the qualified institutional placement route.
Infosys (2.60% up)
Shares of Infosys Technologies Ltd gained 2.6% on Friday. The country’s second largest software exporter, reported that profit rose a better- than-estimated 18% for the quarter ended June, helped by currency gains. The firm, however, warned of a challenging global environment.
JP Hydro (8.6% down)
Shares of Jaiprakash (JP) Hydro-Power Ltd fell 8.6%. Kotak Institutional Equities has recommended shorting the stock post JP Hydro’s merger with JP Power Ventures. It values JP Hydro at Rs50 and estimates the merger to be neutral for JP Associates interest in power.
JK Tyre (3.82% up)
Shares of JK Tyre and Industries Ltd were up 3.82% on the National Stock Exchange on Friday as the market expects the firm to post good results due to lower rubber prices. The price of domestic rubber fell from Rs100 per kg to a low of Rs50-60 per kg in the January-March period.
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First Published: Fri, Jul 10 2009. 11 20 PM IST
More Topics: CNBC-TV18 | Sensex | Markets | Shares | Money Matters |