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Movers & Shakers

Movers & Shakers
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First Published: Thu, May 07 2009. 10 02 PM IST
Updated: Thu, May 07 2009. 10 02 PM IST
Tata Steel (8.74% up)
Tata Steel stock gained 8.74% in Thursday’s trade after the company announced that its April sales surged 31% year-on-year, helped by a significant increase in the production of hot metal, crude steel and saleable steel over the corresponding month last year.
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Bhusan Steel (36.47% up)
Bhushan Steel Ltd surged 36.47% on Thursday on the back of a price hike, in line with the industry. There has been no headway in the Orissa Sponge Iron and Steel Ltd takeover and the company has not yet converted 35 lakh warrants into equity, for which it has moved the Company Law Board.
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JSW Steel (11.85% up)
JSW Steel gained 11.85% on Thursday. The company results were below market expectations, but its guidance was way ahead of what analysts had predicted. The company sees fiscal 2010 saleable steel up 78% at 6.1 million tonnes (mt), and fiscal 2010 output up 72% at 6.4mt.
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Sterlite (13.27% up)
Sterlite gained 13.27% on back of Vedanta numbers. Vedanta says it has gross cash of about $5 billion, has increased holding in Sterlite and Sesa Goa by 1% and 1.7%, respectively. They have been able to complete projects on time and maintain costs with no project held back.
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Union Bank (5.85% down)
Union Bank of India lost 5.85% after earnings disappointed. Q4 profit was down 10.77% from Rs521.13 crore to Rs465 crore, against CNBC-TV18 estimates of Rs591.2 crore. Net interest income was up 11.09% to Rs926.4 crore, against CNBC-TV18 estimates of Rs1,120 crore.
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M&M (2.86% down)
Stock down 2.86% as a strike at Nashik plant has hits sales by Rs250 cr/day. The auto maker said the strike will “temporarily affect production” at the plant. The workers have been on a strike since 5 May in response to disciplinary action against an office-bearer of the employees’ union for alleged indiscipline.
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Godrej Ind (17.58% up)
The stock surged 17.58%. The stock has been buzzing for three consecutive days as the firm plans buy-back of 57 lakh shares from the open market at a price of up to Rs275 a share, aggregating to Rs99 cr. The buy-back will begin on 18 May and end on 20 July. As of 31 March, the promoters held a 78.57% stake.
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Havells India (7.4% up)
Stock gained 7.45% after surging 35% on Wednesday. The firm’s management says cash flows are improving, and it has been in discussions with various institutions about the improved market conditions. Warburg Pincus had increased its stake in the firm from 11% to 14.5% in February.
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First Published: Thu, May 07 2009. 10 02 PM IST
More Topics: CNBC TV18 | Gainers | Losers | Havells India | Sterlite |