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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Jun 23 2009. 11 29 PM IST
Updated: Tue, Jun 23 2009. 11 29 PM IST
Great Offshore (up 7.96%)
The shares of Great Offshore Ltd were up 7.96% to close at Rs413.85. ABG Shipyard has made a voluntarily open offer to acquire a 32.12% stake in Great Offshore at Rs375 per share against Bharati Shipyard’s open offer price of Rs344 per share for a 20% stake.
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RIL (up 3.22%)
Reliance Industries Ltd (RIL) stock gained Rs62.80 on Tuesday to close at Rs2,015.30 after NTPC Ltd said they were ready to buy RIL’s Krishna-Godavari basin gas at $4.2 per million British thermal unit. The stock had lost 15% after the Bombay high
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ITC (down 2.85%)
The ITC Ltd stock declined as the Delhi government increased value-added tax (VAT) on cigarettes to 20% from 12.5%. Earlier, Maharashtra had raised VAT on cigarettes. CNBC-TV18 analysis shows that the increase in VAT in the two states could dent the firm’s FY10 profit after tax by 2.5%.
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Sesa Goa (down 4.45%)
The shares of Sesa Goa Ltd were down 4.45% after the Union government proposed to link iron ore royalty to the market price. Currently, royalty on iron ore is Rs27 per tonne and iron ore trades at Rs3,900 per tonne. Royalty on iron ore has not changed since 2004.
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Renaissance (up 20.08%)
The shares of Renaissance Jewellery Ltd were up 20.08% on good results. The firm’s consolidated revenue for FY09 was up 26% at Rs750 crore against Rs595 crore a year ago. The company management told CNBC-TV18 that sales to US market is down to 75% from 95% earlier.
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Gateway Distriparks (up 10.6%)
The Gateway Distriparks Ltd stock gained 10.6% ahead of the rail budget. The container rail division of the firm contributes 40% to its revenues. The company expects to generate revenues of Rs280 crore in FY10, against Rs180 crore in FY09. It may also acquire 25 rakes to increase profits from its rail business.
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Bajaj Hindustan (down 9.17%)
The shares of Bajaj Hindusthan Ltd declined 9.17% as sugar prices fell on weak demand. The sugar industry is expecting a higher free-scale quota for the July-September period, which is expected to be higher. The stock was down Rs19.25 on Tuesday to close at Rs190.60 on the National Stock Exchange.
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Kirloskar Oil (up 7.29%)
The shares of Kirloskar Oil Engines Ltd gained Rs5.25 on Tuesday to close at Rs77.30 on the National Stock Exchange. The firm has set up an independent director’s panel to examine the merits of restructuring or hiving off its investments.
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First Published: Tue, Jun 23 2009. 11 29 PM IST