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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Mon, Feb 22 2010. 10 54 PM IST
Updated: Mon, Feb 22 2010. 10 54 PM IST
Shree Renuka (3.7% up)
Shree Renuka Sugars gained 3.7% after the firm acquired a 51% stake in Brazil’s Grupo Equipav for Rs1,530 crore. The deal is to be funded by internal accruals, debt, and warrants issue, and subject to approval of an acceptable debt-restructuring package by its lenders.
Inox Leisure (16.5% up)
Shares of Inox Leisure were up 16.5% after Reliance Mediaworks made a counter open offer for a 62% stake in Fame India at Rs83.40 per share. Inox bought a 43% stake in Fame at Rs44 per share and acquired an additional 8% stake from the open market at Rs51 per share.
Indo Tech (9.4% up)
Indo Tech Transformers gained 9.4% at Rs320 on speculation that GE Venture may make a second open offer for the company, which may lead to the delisting of the stock. Indo Tech’s parent firm, Prolec-GE Internacional, already holds a 74% stake in the company.
Cadila Healthcare (2% up)
Shares of Cadila Healthcare were up 2% after the firm announced on Saturday that its board will meet on 25 February to consider a bonus issue of shares. The stock remains brokerage firm Enam Securities’ top pick with a target price at Rs812. Enam has raised its earnings estimates for Cadila.
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First Published: Mon, Feb 22 2010. 10 54 PM IST
More Topics: CNBC-TV18 | Sensex | BSE | Shree Renuka | Inox Leisure |