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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Fri, May 29 2009. 12 38 AM IST
Updated: Fri, May 29 2009. 12 38 AM IST
Novartis (up 14.2%)
Shares of Novartis India rose 14.2% after parent Novartis AG revised its open offer price to Rs450 per share, from Rs 351 per share. CNBC-TV18 learns that some institutional have indicated that they will look to tender shares at the revised open offer.
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Matrix (up 14%)
The Matrix Laboratories share ended up 14% on Mylan’s delisting offer that ends tomorrow, and where the offer for 38.7 million shares was made at an indicative price of Rs150 per share. According to BSE data, 15.5 million shares have been offered at Rs211 per share.
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Godrej Consumer (up 6.5%)
Godrej Consumer Products shares were up 6.5% after announcing it had acquired the 49% stake in Godrej Sara Lee held by two subsidiaries for Rs 840 crore. Morgan Stanley analysts say the deal is 8% EPS accretive, and believe that the stock has around 30% upside from current levels.
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Brigade Enterprises (up 10%)
Brigade Enterprises Ltd was up 10% after JPMorgan upgraded its price target to Rs130 on the back of a strong near-term completing portfolio of assets. On conservative valuations, one of Brigade Enterprises’ two projects in Bangalore, Gateway in Malleswaram, is worth Rs85 per share.
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JSW Steel (up 6.3%)
JSW Steel was up 6.3% but fell nearly 6% from the day’s high on high equity dilution compared with analysts’ expectations. The company’s board approved an enabling resolution to raise up to $1 billion via equity instrument which will lead to dilution of 46% against analysts’ expectation of 20%.
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Vijaya Bank (up 11.5%)
The Vijaya Bank share was up 11.5%, driven higher along with other public sector banks on the buzz about capital infusion by the government to help them shore up tier 1 capital. As part of the first tranche, the bank will get Rs700 crore and as part of the second tranche, Rs700 crore.
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Idea (down 0.06%)
Idea Cellular ended flat after CNBC-TV18 reported that Axiata group said it was not in talks with the Aditya Birla Group to hike its stake in Idea. Earlier there had been market rumours that Axiata (formerly Telecom Malaysia) was mulling an open offer to raise its stake to at least 26%.
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GE Shipping (up 6.3%)
The Great Eastern Shipping share was up 6.3%. Shares of another shipping firm, Mercator Lines, too were up 6% on the back of a continued surge in the Baltic Dry Index, a measure of global shipping rates for commodities. The index gained surged 7.5%, gaining for the 18th day.
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First Published: Fri, May 29 2009. 12 38 AM IST
More Topics: CNBC-TV18 | Gainers | Losers | Markets | Shares |