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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Oct 08 2009. 09 28 PM IST
Updated: Thu, Oct 08 2009. 09 28 PM IST
Reliance Industries (0.9% up)
Shares of Reliance Industries Ltd were up 0.9% after the company declared 1:1 bonus. Mukesh Ambani told CNBC-TV18 that the bonus issue is part of RIL tradition to reward shareholders. The business cycle has come back. We are likely to see improvement in global demand and Indian company’s balance sheets are strong.
Larsen and Toubro (1.5% down)
Shares of Larsen and Toubro Ltd were down 1.5% on dilution concerns. The company raised $400 million via qualified institutional placement and $200 million via convertible bonds. Management told CNBC-TV18 that convertibles have been issued at 15% premium to base price of Rs1,660. The issue was well received.
Suzlon Energy (1.35% up)
Shares of Suzlon Energy Ltd were up 1.35% on CNBC-TV18 exclusive that the company is looking to raise Rs11,000 crore debt and the company will use funds to refinance debt in the parent firm and its subsidiary. There is a possibility of changes in terms of interest and tenure. State bank of India is the lead banker for Suzlon’s debt issue.
RCom (5.7% down)
Shares of Reliance Communications Ltd were down 5.7% on CNBC-TV18 exclusive that subscriber audit committee report is being submitted to the department of telecommunications (DoT). The audit report runs into nearly 1,000 pages and DoT is likely to set up a committee to look into the audit report.
Mercator Lines (9.2% up)
Shares of Mercator Lines Ltd were up 9.2% after the Baltic Dry Index (BDI) traded at seven week highs, and was up for sixth straight day. The BDI is up 8% this week, trading above 2,500. Few container lines on the Trans-Pacific trade have set out a plan to increase freight rates for 2010.
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First Published: Thu, Oct 08 2009. 09 28 PM IST