GAIL (3.20% up)
Kirit Parikh panel suggested exempting GAIL from the proposed subsidy sharing mechanism. CLSA sees FY11 EPS rising by 40% as it is exempt of bearing any losses. Parikh told CNBC-TV18 that GAIL is more a distribution than upstream firm thus leaving it out of subsidy net is deliberate.
Infinite Comp (9.62% up)
The shares ended up 9.62% on the second day of listing. T Rowe Price International bought 18.33 lakh shares or 4.2% equity at Rs 197/share via block deal on listing. Interestingly, T Rowe was also an anchor investor among nine others and was allotted 3.03 lakh shares at Rs 165/share.
Advanta India (4.43% up)
Shares gained after the firm acquired 100% assets and business of US-based Crosbyton Seed Co. This acquisition marks Advanta’s second investment in the US following the 2008 buy out of Garrison and Townsend Seed Co. Value of the deal remains undisclosed.
Fame India Ltd (5.09% up)
Shares gain for a second consecutive day after CNBC-TV18 reported that there are fears of a rival party derailing its deal with Inox Leisure Ltd. A third player may be looking at a counter offer. Interestingly, Reliance Capital Partners bought 9.4 lakh shares at Rs44.7/share post the Fame-Inox deal.
Jyothy Labs (5.59% up)
Shares gain on news that Jyothy Labs has signed a memorandum of understanding with DRDO for its mosquito repellant variant. This presents a Rs150-200 crore opportunity in two years. Brokerage house, BRICS reiterates “buy” rating with a price target of Rs 204/share.
Shree Renuka (5.01% down)
Shares of this sugar firm along with Bajaj Hindusthan and Balrampur Chini closed lower after Indian spot sugar prices corrected 4% on Wednesday. Traders expect supplies to rise in the next three days after government asked millers to sell and dispatch sugar on a weekly basis.