Varun Industries (4.50% up)
Shares of Varun Industries were up 4.5% on reports its group firm Varun Energy has acquired uranium mines in Madagascar. It acquired 1,111 blocks covering 6,900 sq. km with estimated reserves of 1.7 million tonnes of uranium, 4.35 million tonnes of thorium and traces of gold for exploration, exploitation and output sale.
Bharti Airtel (3.62% down)
Shares of Bharti Airtel Ltd were down 3.62% after Kotak Institution reiterated its current negative outlook on the firm and recommended using the recent stock outperformance to pare exposure with a target price of Rs300. Kotak believes that the full impact of pricing competition will reflect only in the March 2010 quarter.
RCom 1.25% down
Shares of Reliance Communications Ltd (RCom) were down 1.25% on Monday, on reports that the telecom firm is looking to sell its undersea-fibre optic network unit Flag Telecom and a related US business, and that it also plans to raise around $3 billion in cash. A company spokesman denied the reports.
Reliance Industries (0.3% down)
Shares of Reliance Industries Ltd were down 0.3% on CNBC-TV18 exclusive that the firm will take a call on submitting its final bid for LyondellBasell Industries (LB) on Monday. LB’s due diligence has disclosed new facts such as high debt at 12% interest rates and that could cause concern in the deal.