Jet Airways (6.33% down)
Shares of Jet Airways were down 6.33% on disruption in its London services. A cloud of volcanic ash from Iceland has grounded flights to Europe for five days. London accounts for 12% of overall revenues. Analysts expect a loss of Rs4 crore per day.
GMR Infra (4.75% down)
GMR Infrastructure declined 4.75% to Rs60.1 on dilution concerns. The firm successfully raised $315 million (around Rs1,400 crore) through a qualified institutional placement at Rs62.2 per share. The proceeds from the issue will be used for funding new projects.
IndusInd Bank (3.26% up)
Shares of IndusInd Bank gained 3.26% after it reported a 30% year-on-year growth in its loan book during fiscal 2010. Its net interest income was at Rs272.79 crore. Net profit for the quarter surged 94% to Rs97.96 crore, compared with Rs50.52 crore a year ago.
DCB (3.66% up)
Development Credit Bank gained 3.66% after the bank management told CNBC-TV18 that it expects profitability in one-two quarters. The focus has been on reducing cost of deposits and improving current and savings accounts. The bank is targeting a 25% increase in its balance sheet in fiscal 2011.
Bajaj Hindusthan (3.16% down)
The Bajaj Hindusthan stock was down 3.16%. BNP Paribas downgraded the firm’s rating to “reduce” and cut target from Rs270 to Rs120 per share. The firm’s entry into the power sector and repayment of foreign currency convertible bonds is likely to put pressure on its balance sheet.
Max India (1.81% down)
Shares of Max India declined 1.81%. The stock has lost nearly 15% in the past one month after the tussle between insurance and markets regulators over unit-linked insurance plans. Kotak Institution believes that high commissions and charges on insurance products are main areas of contention.
TTK Healthcare (19.3% up)
Shares of TTK Healthcare rose 19.3%. The firm has entered the medical devices space. Recently, it forged a technical tie-up with BP Trust and plans to set up a new plant at Mahindra World city in Tamil Nadu to manufacture orthopaedic implants. The initial investment for this venture will be around Rs20 crore.
RDB Industries (10% up)
RDB Industries gained 10% after the firm got high court approval for demerger of its cigarette and real estate business. The realty division of RDB will be hived off to RDB Realty and Infrastructure, and shareholders of the firm will get one share of Rs10 each in the new firm against each share held.