State Bank (4.41% up)
The shares of State Bank of India (SBI) were up 4.41% after Goldman Sachs upgraded the stock to “buy” from “neutral”. Goldman analysts revised its price target to Rs2,280 from Rs1,150. They upgraded its earnings forecast due to higher loan growth and rebound in net interest margin.
IndusInd Bank (17.31% up)
The IndusInd Bank stock gained 17.31%. BNP Paribas has initiated coverage with a price target of Rs90 per share as the bank’s fundamentals have improved dramatically in the 15 months since the new management took charge. BNP believes it is well poised to deliver on the FY11 operational goals.
Reliance Infra (6.06% up)
Reliance Infrastructure Ltd was up Rs72.55 on Tuesday to close at Rs1,269.45 on the National Stock Exchange. CLSA estimates that the Bombay high court ruling on KG Basin gas will add Rs43 per share for Reliance Power Ltd (RPL) and Rs144 per share for Reliance Infrastructure, which has a 45% stake in RPL.
Satyam (5.02% up)
Shares of Satyam Computer Services Ltd gained Rs3.85 each on Tuesday to close at Rs80.55 on the National Stock Exchange. Satyam’s blueprint is to be presented on 20 and 21 June, which will focus on restarting the company sales engine.
LT Overseas (12.17% up)
Shares of commodity exporter LT Overseas Ltd gained 12.17% to close at Rs44.70 each on reports that the government may lift the ban on rice exports. The government had banned the export of wheat in February 2007 and non-basmati rice in April 2008.
Strides Arcolab (10.54% up)
The Strides Arcolab share was up 10.54% as fund houses continued to buy the stock. On Tuesday, 500,000 shares (1.44% of total equities) changed hands on the National Stock Exchange at Rs136 per share and another 500,000 shares changed hand on the Bombay Stock Exchange at Rs130 per share.
GSPL (3.69% up)
Shares of Gujarat State Petronet Ltd (GSPL) gained 3.69% on Tuesday. The company’s management told CNBC-TV18 that Reliance Industries Ltd (RIL) has assured it that the firm will not be affected by the Bombay high court judgement on RIL’s KG basin gas. The firm is not affected for the next three years.
Ansal Properties (4.89% up)
The Ansal Properties and Infrastructure Ltd share gained 4.89% after the realty company’s board approved raising up to Rs1,500 crore through a qualified institutional placement, and also raising up to Rs2,500 crore through a public issue.