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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Mon, Feb 08 2010. 11 33 PM IST
Updated: Mon, Feb 08 2010. 11 33 PM IST
Tata Steel (4.49% down)
Tata Steel Ltd shares declined following a CNBC-TV18 exclusive, which said that the Tata-Corus management is open to selling the Teeside plant instead of shutting it down. The management and the union have been asking the UK government to provide financial support to run the plant till a buyer is found. No final decision on the matter has been taken yet. The fate of the Teeside plant will be announced by the second week of February.
Fame India (5.04% up)
Fame India Ltd’s stock rose on Monday on indications of a possible counter-offer from Reliance MediaWorks Ltd for the company at Rs80 per share. In a CNBC-TV18 exclusive, Reliance MediaWorks sources said they had offered an unconditional Rs80 per share plus a takeover of liability. They alleged the transfer of the firm to INOX at Rs44 per share has been blatantly understated and this price neither reflects fair value nor control premium.
Vishal Retail (5.02% up)
The shares of Vishal Retail Ltd rose on Monday after the management clarified that the firm is under debt burden and to restructure the same, its proposal is under the corporated debt restructuring (CDR) mechanism. The CDR cell is reviewing the case and a few meetings have taken place. Under the CDR mechanism, private equity firm TPG Capital has submitted a proposal to the cell and this has to be approved by all participating banks under CDR as well as the cell. This is at a nascent stage, unless confirmed by majority lenders.
Lanco Infra (6.82% up)
Lanco Infratech Ltd shares climbed after the firm’s management told CNBC-TV18 that the cost of production for domestic coal linkages is 50% lower than imported prices. The linkages are to facilitate the expansion of projects and all existing projects have coal linkages. The Bangalore Metro bid is at a preliminary stage.
Sobha Dev (4.46% down)
Sobha Developers Ltd stock fell after its chairman sold 4 million shares, or 4% equity, at Rs251 per share. Total promoter shareholding stood at 64.67% at the end of December. Recently, the firm raised the FII limit to 100% of paid-up capital and called off land sale talks with Shriram Properties.
IBREL (3.75% up)
Shares of Indiabulls Real Estate Ltd (IBREL) rose after Citi said that the stock is trading at 44% discount to the net asset value of Rs290. News flow on large lease sign-ups on Mumbai property over next six months would be a potential catalyst.
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First Published: Mon, Feb 08 2010. 11 33 PM IST
More Topics: CNBC TV-18 | Sensex | Shares | BSE | Money Matters |