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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Wed, May 19 2010. 11 17 PM IST
Updated: Wed, May 19 2010. 11 17 PM IST
Bank of Rajasthan (20% up)
Shares of The Bank of Rajasthan Ltd (BoR) rose 20% to Rs119.4 on Wednesday. ICICI Bank Ltd, India’s largest private sector lender, had on Tuesday announced its offer to buy the troubled BoR in an indicative share swap of 25 ICICI Bank shares for every 118 shares of BoR.
ICICI Bank (7.2% down)
Shares of ICICI Bank Ltd Stock declined 7.2% after the bank announced its offer to buy Bank of Rajasthan Ltd (BoR) in an indicative share swap of 25 ICICI Bank shares for every 118 shares of BoR. Most brokerages see the proposed merger, at the indicative swap ratio, as “expensive” for ICICI Bank.
Piramal (3.16% down)
Shares of Piramal Healthcare Ltd declined 3.16% after the company informed stock exchanges that there is no proposal by the promoter for selling any stake in the firm. Earlier, CNBC-TV18 had, citing sources, reported that Pfizer is close to buying a controlling stake in the company.
MTNL (6.9% down)
Shares of MTNL dropped 6.9% on news that the company will have to pay Rs6,467 crore towards third generation (3G) mobile spectrum in Delhi and Mumbai telecom circles. The auction for high-speed 3G spectrum saw bids close on Wednesday at a total Rs70,000 crore.
Take Solutions (20% up)
Take Solutions Ltd gained 20% after nearly 4.8% equity, or 5.79 million shares, changed hands on the Bombay Stock Exchange at Rs22.85 per share. On 13 May, Passport India Investments (Mauritius) Ltd bought 5.7 million shares at Rs24.4 per share from Galleon International Master Fund.
Mandhana Ind (2.7% up)
Shares of textile firm Mandhana Industries Ltd gained 2.7% to Rs133.5 on the first day of listing on Wednesday, against the issue price of Rs130 per share. The firm raised Rs107.9 crore from the initial public offer. It will use the proceeds to raise garment manufacturing capacity and other expansion plans.
Kalyani Steel (68% down)
Shares of Kalyani Steel plunged 68% to Rs89.2 after it got relisted on the stock exchanges on Wednesday following the demerger of its investment business into a separate firm, Kalyani Investments. The company told CNBC-TV18 that Kalyani Investments could get listed within a month.
RNRL 2.65% up)
Shares of Reliance Natural Resources Ltd (RNRL), a Reliance-Anil Dhirubhai Ambani Group company, gained 2.65% on reports that it had started preliminary talks with Reliance Industries Ltd, owned by Mukesh Ambani, in accordance with a Supreme Court verdict given earlier this month.
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First Published: Wed, May 19 2010. 11 17 PM IST
More Topics: CNBC-TV18 | Stocks | Markets | ICICI Bank | Sensex |