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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Mar 02 2010. 09 08 PM IST
Updated: Tue, Mar 02 2010. 09 08 PM IST
Tata Motors (12.21% up)
Tata Motors gained 12.21% after its third quarter consolidated results surprised market with Jaguar-Land Rover’s profit after tax at ­£55 million coming in almost two-three times markets’ estimates. CLSA upgraded the stock to buy with a target price of Rs910-960.
TVS Motor (9.74% up)
The TVS Motor stock gained 9.74% after the company reported a 31% growth in its vehicle sale numbers in February. Sales of motorcycles were up 28% and for scooters, 38%. The company’s domestic sales gained 34% and exports, 15%. It posted the highest three-wheeler sales in the month.
Jain Irrigation (8.94% up)
The shares of Jain Irrigation Systems were up 8.94% after subsidies for micro-irrigation was increased from Rs500 crore to Rs1,000 crore in the Budget. CLSA believes that the increase in the subsidy will create enough momentum for two years, so much so that the firm might consider setting up additional plants.
Shree Renuka (2.91% down)
Shree Renuka Sugars declined 2.91%, Balrampur Chini Mills 1.94%, Simbhaoli Sugars 6.05 % and Dhampur Sugar Mills 7.22% after the agriculture minister said that sugar prices will ease further as output is set to exceed 16 million tonnes this year. The minister said that sugar prices would stabilize at Rs35-36 a kg.
Spice Mobiles (5.11% up)
Spice Mobiles gained 5.11 % on reports that mobile phones are likely to be a bit cheaper after the Budget. The finance minister proposed that exemption from customs duty and countervailing duty will be made available for parts used in battery chargers and hands-free headphones.
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First Published: Tue, Mar 02 2010. 09 08 PM IST
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