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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Apr 15 2010. 10 26 PM IST
Updated: Thu, Apr 15 2010. 10 26 PM IST
Zee News (75.65% down)
Shares of Zee News plunged 75.65% after the broadcaster traded without its general entertainment channel business, which was merged with Zee Entertainment Enterprises. Zee News shareholders will get four shares of Zee Entertainment for every 19 shares held as on 16 April.
Tata Motors DVR (0.08% up)
The differential voting rights (dvr) shares of Tata Motors were up 0.08% after Tata Sons , the group’s holding company, sold 520,000 shares (0.81% stake) at Rs486.7 per share. The move aims at a better price discovery for the DVR shares. HDFC Mutual Fund bought 350,000 at Rs486 per share.
Max India (10% down)
Shares of Max India fell 10.00% on Thursday. Capital markets regulator Securities and Exchange Board of India contended that unit-linked insurance plans, or Ulips, are not pure insurance products as they have a major investment component. It has also barred life insurers from introducing new Ulips.
Triveni Engineering (1% up)
Triveni Engineering and Industries stock gained 1.00% after the firm entered into a joint venture with GE Oil and Gas. The new entity, GE Triveni, will build advanced technology steam turbines above the 30-100MW range, catering to demand from both domestic and export markets.
IVRCL Assets (1.66% up)
Shares of IVRCL Assets gained 1.66% after the firm declared a 1:2 bonus and passed an enabling resolution to raise up to Rs1,000 crore. The company told CNBC-TV18 that the entire money will not be raised in one tranche. It also said that the funds will be used for build-operate-transfer projects.
Sobha Developers (6.86% up)
Shares of Sobha Developers ended up 6.86% after Infosys raised its capex guidance to Rs1,200 crore for fiscal2011 from Rs670 crore in fiscal2010. Sobha’s contractual revenue (30-35% of total revenue) are closely linked to Infosys’ capex on new offices. 75% of Sobha’s contractual revenue comes from Infosys.
HSIL (3.18% up)
The HSIL stock rose 3.18% after Anand Rathi Financial Services initiated a buy with target price of Rs140. The financial services firm says HSIL has a strong brand-value. Its wide distribution network for sanitary-ware and expansion in container glass are likely to ensure strong growth in FY10-12.
Blue Dart (20% up)
Blue Dart shares ended up 20% after profit after tax in the first quarter of calender year 2010 rose more than 100%, to Rs23.7 crore. Net sales rose 23%, to Rs257.16 crore. The firm is looking to spend Rs100-150 crore for small-ticket acquisitions and is in talks with some companies.
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First Published: Thu, Apr 15 2010. 10 26 PM IST
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