Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Fri, Aug 14 2009. 12 34 AM IST
Updated: Fri, Aug 14 2009. 12 34 AM IST
Rallis India (3.9% up)
Shares of Rallis India Ltd rose 3.87% on the National Stock Exchange on Thursday after Tata Chemicals Ltd proposed to buy a 35.8% stake in Rallis India from the promoters, including Tata Tea, at a maximum price of Rs850. Tata Tea holds a 24.5% stake in Rallis India.
ITI (5% up)
Shares of ITI Ltd, a telecom equipment manufacturing company, rose 5% to Rs36.80 on the National Stock Exchange on Thursday on reports that the company is expecting a Rs2,800 crore bailout package from the government in the next 10-15 days.
Unitech (7.14% up)
Shares of Unitech Ltd rose 7.14% after MSCI Inc., a provider of worldwide investment indices, said that 17 securities will be added to and three securities will be deleted from the MSCI Global Standard Indices. Unitech and Satyam Computer Services Ltd are among the latest additions to the MSCI index.
Indraprastha Gas (3.6% up)
Shares of Indraprastha Gas Ltd were up 3.6% on the National Stock Exchange on reports that the company is signing a gas sale and purchase agreement with Reliance Industries Ltd for the supply of 0.308 million standard cu. m of gas per day from the latter’s fields in the Krishna-Godavari basin.
SpiceJet (10.72% up)
Shares of SpiceJet Ltd jumped 10.72% on the Bombay Stock Exchange on reports that the cabinet had approved the setting up of a group of ministers to look into the financial health of airlines. Civil aviation minister Praful Patel said the panel will look into matters related to the price and sales tax on jet fuel.
Cummins India (5.1% up)
The Cummins India Ltd stock rose 5.1% on Thursday after the company told CNBC-TV18 that India had a huge power deficit of 10-11%, which would increase demand for the firm. Bank of America Merrill Lynch initiated coverage of the scrip with a ‘buy’ rating and a price target of Rs423 per share.
Pantaloon Retail (1.3% down)
Shares of Pantaloon Retail (India) Ltd slid 1.30%. CNBC-TV18 reported that Pantaloon is planning to raise around $100 million ‘soon’ from a private equity fund. Bain Capital is seen as a frontrunner in the Pantaloon fund deal. The firm’s founder could sell some stake for raising funds.
Prakash Industries (9.5% up)
Shares of Prakash Industries Ltd soared 9.5% on the National Stock Exchange on Thursday after Antique Broking initiated coverage on the stock with a price target of Rs432. Antique says there is a huge scope for re-rating due to asset mispricing, as well as growth prospects.
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First Published: Fri, Aug 14 2009. 12 34 AM IST
More Topics: CNBC-TV18 | BSE | Markets | Sensex | Money Matters |