Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Fri, Jun 12 2009. 12 40 AM IST
Updated: Fri, Jun 12 2009. 12 40 AM IST
Tata Comm (9.56% up)
The Tata Communications Ltd share was up 9.56% on CNBC-TV18 exclusive report that the Department of Telecom is likely to send third generation, or 3G, mobile auction note to the Union cabinet next week. The 3G auction expected in two months after the cabinet approval.
UltraTech (4.02% down)
Shares of UltraTech Cement Ltd ends down 4.02%. Larsen and Toubro Ltd, India’s biggest engineering company, sells its entire stake of 11.49% in UltraTech Cement for $219 million (around Rs1,038 crore) to a clutch of investors. The stake was sold for Rs725 a share.
Satyam (10% up)
Satyam Computer Services Ltd hits 10% upper circuit for third day running post release of numbers. JPMorgan initiates coverage with an overweight rating and June-10 P/E-based target price of Rs100. They expect the business to stabilize by end-2009 with growth in 2010.
JSW Steel (9.32% up)
Stock rose 9.32% after Macquarie upgrade earnings and revised target price to Rs826 from the Rs543 on back of improved order flow at the firm’s US facility and further clarity on its debt repayments. The firm says it is close to obtaining a waiver of debt covenants until 2011.
HeidelbergCement (4.68% down)
The HeidelbergCement India Ltd stock ends down 4.68%. The Company tells CNBC-TV18 that no plan to add any capacity till 2010, dip in demand seen in western India due to onset of monsoon. Its current capacity utilisation was between 90% and 93% over the past few months.
OnMobile (4.80% up)
Stock gained 4.80%. IIFL maintains buy with a target price of Rs525 on back of voice-led international growth. The firm has signed up as VAS provider with Vodafone in 10 countries (including two developed markets), and two of these are likely to start yielding revenues in FY2010 itself.
Aban Offshore (3.40% down)
Stock lost 3.40% after a contract for drillship Aban Abraham with Addax and Sinopec in West Africa was cancelled by Addax. The day rate for the contract was $410K with a duration of 300 days (extendable upto 600 days). Citi rates Aban Sell/Speculative Risk, with target price of Rs520.
CHI Investments (10.03% up)
Shares of CHI Investments Ltd, an investment arm of RPG Goenka group, gained 10.03% in Thursday’s trade. The stock rose as firm’s total investments have been valued at Rs299.5 crore, compared with market cap (Chi Investments’) of Rs43.5 crore.
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First Published: Fri, Jun 12 2009. 12 40 AM IST
More Topics: Shares | Stocks | BSE | Sensex | CHI Investments |