Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Wed, Apr 28 2010. 10 27 PM IST
Updated: Wed, Apr 28 2010. 10 27 PM IST
RNRL (6.17% up)
Reliance Natural Resources Ltd gains after officials tell CNBC-TV18 that the Supreme Court verdict in the Reliance Industries Ltd and RNRL gas case is likely in next few days. SC may even announce its verdict this week as Chief justice of India K.G. Balakrishnan retires on May 11.
Piramal Health (1.30% up)
The stock closed in the positive after CNBC-TV18 reported that the firm is looking to sell its domestic formulation business. Sanofi-Aventis SA and GSK Plc have shown interest in the deal. The management has denied plans of hiving off the business, which comprises nearly 55% of the firm’s revenue.
Balrampur Chini (1.67% down)
Shares of the sugar firm ended down after it reported results below expectations. Second quarter net profit slipped to Rs27.5 crore from Rs66.2 crore due to a mark-to-market loss on levy sugar at Rs76 crore against nil. The management said the loss will be written back if the levy on sugar comes over Rs13.8.
United Phos (2.58% down)
Shares of United Phosphorus Ltd closed lower on concerns on its European business as nearly 26-28% of its revenues come from Europe. The euro has depreciated against the rupee by almost 17% since October and this could impact FY11 and FY12 earnings estimates.
Petronet LNG (1.22% down)
Petronet LNG Ltd closed in the red after results disappointed the market. The weak performance was due to a sharp decline in re-gasification tariffs which mitigated the impact of higher volumes. Kotak Institutional Equities downgraded the stock to ‘reduce’ from ‘add’.
Tech Mahindra Ltd (4.22% down)
Tech Mahindra took a hit after CNBC-TV18 reported that AT&T Inc. sold 7% Tech Mahindra equity at Rs 762 per share. With this, AT&T’s stake in Tech Mahindra comes down to 1% from 8%. LIC is the likely buyer of entire stake and already holds 7% equity in the firm. Citi is the likely banker for the deal.
Gujarat NRE Coke (1.56% down)
Shares ended down on news that the board will meet on 29 April to consider fund raising. The firm will issue non-convertible debentures and warrants up to Rs250 crore each via qualified institutional placements. Management told CNBC-TV18 that these NCDs will replace high-cost debt.
Shiva Cements Ltd (0.00%)
Shares ended flat but they slipped over 5% from the day’s high. The management told CNBC-TV18 that they will need ACC Ltd’s help in phase II of expansion. There have been rumours of ACC taking over the firm as promoter holding is low at 28.75% and ACC holds 14.8% stake.
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First Published: Wed, Apr 28 2010. 10 27 PM IST
More Topics: CNBC-TV18 | Sensex | Shares | Stocks | Markets |