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Business News/ Money / Sensex lifeline: high beeps and pratfalls
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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

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Grasim (20% down)

Grasim was down 20% after it emerged that the company is to demerge its cement business to Samruddhi. Consensus estimates put the fair value of Samruddhi at 488 per share. Grasim’s stock was down around 00 on the ex-date, implying a holding discount of over 50% for post-scheme of arrangement stake held in Ultratech Cements.

Sobha (5.48% up)

Sobha Developers ended up 5.48% after Morgan Stanley resumed coverage on Sobha with an overweight rating and a potential upside of 21%. In Morgan Stanley’s view, the ongoing recovery in the property market will benefit Sobha. The stock is trading at a 33% discount to a March 2011 NAV estimate.

Rei Agro (3.49% up)

Rei Agro gained 3.49% after the company’s board decided to raise Rs1,245 crore through a rights issue in the ratio of two shares for every one held at the rate of Rs19.50 a share. The management in an exclusive interview to CNBC-TV18 said the fund will be used to pay back debt and finance the ongoing expansion.

Ajmera Realty (15.16% up)

Ajmera Realty ended up 15.16% after Lodha Developers struck one of the most expensive land deals with the Maharashtra government, as Ajmera Realty holds 30 acres in Wadala that is under development. The firm plans to develop 5-6 million sq. ft in the next four-five years.

Zensar Tech (8.7% up)

Zensar Technology gained 8.7% on Wednesday. The stock spiked midday as the company surprised the market by scheduling a board meeting on 31 May to consider a bonus issue for equity shareholders.

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Published: 26 May 2010, 10:33 PM IST
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