Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Aug 27 2009. 10 01 PM IST
Updated: Thu, Aug 27 2009. 10 01 PM IST
Tata Steel (5.3% down)
Shares of Tata Steel Ltd fell 5.32% following the announcement of consolidated numbers, which disappointed. While net sales were down 47% at Rs23,180 crore, it made an operating loss of Rs142 crore and net loss of Rs2,208 crore against a net profit of Rs3,900 crore.
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Renaissance (10% up)
The Renaissance Jewellery Ltd share was up 10.1%. Shares of Su-Raj Diamonds and Jewellery Ltd surged 8.2% on news of the tax refund scheme and plans to set up diamond bourses in the foreign trade policy (FTP). FTP also has a target of increasing exports by 15% annually by March 2011.
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United Spirits (5.9% up)
United Spirits Ltd shares were up almost 6% on market talk that the company is close to striking a private equity (PE) deal for diluting around 10% equity to two big players. Rumours are that buyout firm KKR & Co. and Capital International are the two buyers of the stake in the company.
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BGR Energy (2.1% up)
Shares of BGR Energy Systems Ltd rose 2.13% after winning an order worth Rs1,633 crore BoP or balance of plant contract for the 2x500MW Marwa thermal power project in Chhattisgarh. This, the company’s second order in a week, is 10% of its current order book.
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Bharti (2.7% up)
Bharti Airtel Ltd closed 2.74% higher after MTN said the rationale for the Bharti deal was compelling and included diversification and synergy benefits. Also, people close to the matter said the Bharti-MTN deal may be sealed in mid-September and that Bharti has offered MTN $13.1 billion for a 49% stake.
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Cipla (2.9% up)
Shares of Cipla Ltd were up 2.93%. The company plans to raise Rs1,500 crore from the capital market, primarily to fund its incremental capital expenditure requirement of Rs500-600 crore over the next two years, an additional working capital requirement of Rs300 crore, and to repay short-term debts.
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Radico Khaitan (15% up)
The Radico Khaitan Ltd share was up 15.08% after Diageo said that price and terms were not working out with UB Group chairman Vijay Mallya. Diageo has a 50:50 joint venture with Radico Khaitan and is committed to the Indian-made foreign liquor market.
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KEI Industries (5.1% up)
Shares of KEI Industries Ltd were up 5.14% after the board approved issuing Rs1 crore worth of warrants, which is 16.5% of current equity capital. The management plans to raise money to invest Rs35 crore over the next one year in high-voltage equipment.
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First Published: Thu, Aug 27 2009. 10 01 PM IST
More Topics: CNBC TV18 | Stocks | Shares | Bharti | Tata Steel |