Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Sep 29 2009. 11 07 PM IST
Updated: Tue, Sep 29 2009. 11 07 PM IST
Bharti Airtel (0.65% up)
Bharti Airtel Ltd gained 0.65% on reports that Bharti was to issue a statement on a deal with MTN and that the firms may seek more time for talks. People familiar with the situation told CNBC-TV18 that the new deal structure will circumvent the need for an open offer.
Abbott India (17.50% up)
Abbott India Ltd surged 17.50% on the Bombay Stock Exchange on Tuesday after its US-based parent firm acquired the pharma business of Solvay SA for $6.6 billion. As a result of the global deal, there could be a merger between the firms’ subsidiaries listed in India.
Dishman (8.15% up)
Shares of Dishman Pharmaceuticals and Chemicals Ltd rose 8.15% on the firm’s comments to CNBC-TV18 that its sees more business from Abbott and that there is no immediate impact from Abbott buying Solvay. Last year, Solvay contributed 15% to Dishman’s revenues.
Dewan Housing (6.88% up)
Shares of Dewan Housing Finance Corp. Ltd surged 6.88% as the firm told CNBC-TV18 that they have tied up Rs3,500 crore of fund-raising in FY10 which will be used to for onward lending and also see incremental loan disbursements rise nearly 50%.
Parsvnath (0.71% down)
Parsvnath Developers Ltd fell 0.71% on the source-based information that a qualified institutional placement opened over the weekend and was to close on Tuesday. the company has plans to raise $35 million, with an upsize option of another $35million.
Gammon (1.83% down)
Gammon India Ltd fell 1.83% as its board approved fund-raising of up to $200 million via qualified institutional placement. The firm told CNBC-TV18 it will look at raising the entire money in first tranche and that the QIP money will be used to fund expansion plans.
MindTree (4.56% up)
Shares of MindTree Ltd gained 4.56% on the back of its plans to acquire Kyocera Wireless India Pvt. Ltd by paying $6 million upfront and further payments linked to revenues in FY11 and FY12. Acquisition is to contribute $9 million in revenues from the October-March period.
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First Published: Tue, Sep 29 2009. 11 07 PM IST
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