RIL (3.10% up)
Reliance Industries (RIL) gained 3.10% after Nomura upgraded the stock to buy with a price target of Rs1,275 from Rs1,020, as they are more optimistic than ever on exploration upside from 41 discoveries of the firm. Nomura expects the firm’s earnings to rise 44% in 2010-11.
Bharti Airtel (4.65% up)
Bharti Airtel gained 4.65% on speculation that equity dilution will not be as high as anticipated by market analysts. Anand Rathi had mentioned on CNBC-TV18 that 15% dilution of earnings per share is unlikely for the company on low-cost funding.
Tata Steel (4.03% up)
Shares of Tata Steel were up 4.03% after the company raised the prices of its steel products. Nomura says that increasing prices will lead to margin expansion for integrated companies such as Tata Steel (domestic business) and Steel Authority of India Ltd.
Pradip Overseas (2.68% down)
Pradip Overseas declined 2.68% at Rs107 against issue price at Rs110 after hitting a high of Rs122.7 during the day. The company management told CNBC-TV18 that they expect 2010-11 earnings per share at Rs20-25 and sales at Rs2,000 crore.
Bhushan Steel (4.61% up)
Bhushan Steel gained 4.61% after brokerage firm CLSA initiated coverage with a target price of Rs2,100. CLSA believes that the recent commissioning of a 2 million tonnes per annum capacity will drive 23% volume compounded annual growth rate over FY10 and FY12.
Uttam Galva (0.91% up)
Uttam Galva Steels gained 0.91% after the company increased the prices of its products in the spot market and monthly contract prices by Rs6,000 per tonne. The company is also targeting an increase in quarterly contract prices by Rs9,000 per tonne with effect from 1 April.