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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Wed, Aug 26 2009. 10 14 PM IST
Updated: Wed, Aug 26 2009. 10 14 PM IST
Aban Offshore (27% up)
Shares of Aban Offshore Ltd surged 27% to close at Rs1,536 each after the company won contracts worth $700 million (Rs3,416 crore) for four rigs over three years. The deal will lead to incremental revenues of Rs1,185 crore each year for the first two years and Rs1,000 crore for the third year.
Infosys Technologies (4% up)
Infosys Technologies rose 4% after CLSA upgraded the stock from outperform to buy. CLSA added that renewed surge in spending after a 12-month lull is rapidly improving Infosys’ order book, including new orders from financial services firms and stability in other industry segments.
United Spirits (1.95% down)
United Spirits Ltd (USL) fell 1.9% after it called off talks with Diageo due to antitrust and valuations issues. Chairman Vijay Mallya said USL will re-engage with a strategic partner after deleveraging the balance sheet. Its payment obligation of $160 million for the next 12 months will be serviced by cash flows.
Alok Industries (7% up)
Shares of Alok Industries Ltd gained 7% and those of Arvind Ltd were up 10% on news that the foreign trade policy may be announced on Thursday. Textiles minister Dayanidhi Maran said duty drawback rates and anomalies in refund of duties affecting the viability of export will be addressed.
Deccan Chronicle (12% up)
Shares of Deccan Chronicle Holdings Ltd gained 12% to close at Rs114.90 each after it increased advertisement tariffs across all editions by 20%. Market talk suggested that a leading mutual fund on Wednesday bought 4 million shares at Rs105 a share— this was not confirmed by either party.
Karuturi Global (6% up)
Karuturi Global Ltd shares rose 6.6% to close at Rs16.12 ahead of its board meeting. The board recently allotted 241.5 million warrants (52% of equity) at Rs 12 a share to promoters and investors, including Emerging India Focus, India Focus Cardinal, Elara India Opportunities Fund and Monsoon Capital.
Ansal Properties (15.7% up)
Ansal Properties and Infrastructure Ltd ended up 15.7% at Rs81.80 a share ahead of its board meeting on 28 August for fund-raising. The company is planning to raise Rs1,500 crore through the qualified institutional placement route. The board had approved raising up to Rs2,500 crore in June.
Motherson Sumi (11.5% up)
The of Motherson Sumi Systems Ltd share closed 11.5% up at Rs94 on a CNBC-TV18 report that the company’s subsidiary has won orders worth €500 million (Rs3,495 crore) from German car makers. These orders are executable in the next five-six years, starting 2011.
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First Published: Wed, Aug 26 2009. 10 14 PM IST