BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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Pipavav Shipyard (10.33% up)
Shares of Pipavav Shipyard Ltd surged 10.33% after the announced its plans to raise $40 million through compulsory convertible debentures to Valiant Fund at Rs70 per share. The firm told CNBC-TV18 that it will use the money to fund potential acquisitions in Europe.
BILT (13.18% up)
Shares of paper maker Ballarpur Industries Ltd (BILT) closed 13.18% up after an Avantha official said that BILT may list Sabah’s Dutch holding company in South-East Asia or London. BILT has an 80% stake in the Dutch holding company that owns Sabah.
GAIL (3.50% up)
The GAIL (India) Ltd stock rose 3.50% after Citibank said that the comapny is the top pick in the oil and gas pack with target price at Rs460. It said that subsidy sharing concerns are overdone and there could be an upside of Rs80 if exempted from future subsidy sharing.
Jagran Prakashan (4.30% up)
Shares of Jagran Prakashan rose 4.30% after the announcement that Blackstone will invest Rs225 crore in Jagran Media Network, which will hold majority share of Jagran Prakashan. Jagran Prakashan said that the money will be used to improve liquidity for capex and possible take-overs.
Essar Shipping (5.52% up)
Shares of Essar Shipping Ports and Logistics Ltd rose 5.52% after Bank of America Merrill Lynch initiated coverage with a buy rating and sum-of-the-parts based target price of Rs85. BoAML believes that the company is transitioning to an integrated logistics service provider.
Shilpa Medicare (16.41% up)
The Shilpa Medicare Ltd stock rose 16.41% after Reliance Capital bought 1.95% stake in the company at Rs285 per share on Tuesday. Interestingly, ICICI Prudential bought 3.43% stake at Rs200 in January. The company is engaged in pharmaceuticals manufacturing and operates in bulk drug segment.
Jubilant Foodworks (16.95% up)
Shares of Jubilant Foodworks Ltd surged 16.95%. The stock has gained 175% from issue price of Rs145. Interestingly, funds have bought around 10% equity from open markets post the issue. Reliance Mutual Fund had picked 1.55% at Rs188.8, SBI Mutual Fund had picked 1.34% at Rs190 among others.
Rana Sugars (8.46% up)
Shares of Rana Sugars Ltd rose 8.46% after the company management told CNBC-TV18 that it will sell 40MW to Tata Power Co. Ltd at Rs5.50 per unit. The firm expects sales of nearly Rs100 crore and profit after tax of around Rs25-30 crore from power sale.
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