BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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MindTree (11.7% down)
The shares of MindTree declined 11.7% after the firm announced disappointing results for the June quarter and a cut in the guidance. The revenue in the quarter was down 9.8% to Rs304 crore, compared with the year-ago period. Its profit after tax stood at Rs54.54 crore.
Tata Steel (5.36% up)
The Tata Steel stock ended up 5.36% after opening down 5% following the global depository receipts issue through which the firm raised $500 million. The money raised will be used primarily for the 3 million tonnes per annum expansion plant at Jamshedpur and not for paying debts.
Suzlon Energy (3.4% down)
Suzlon Energy declined 3.4% following the $110 million global depository receipts issue. The company also raised $90 million through convertible bonds. The stock ended at Rs91 on Tuesday on the National Stock Exchange.
Glenmark (7.86% up)
The Glenmark Pharmaceuticals stock gained 7.86% on speculations of an announcement on the progress of Oglimilast, the molecule licensed out by Glenmark to Forrest Labs. Analysts feel that if the second phase is successful, Glenmark could earn initial out-licensing payment of $15-20 million.
TCS (4.58% down)
The shares of Tata Consultancy Services (TCS) declined 4.58% on the National Stock Exchange after gaining around 15% on Monday on the back of strong results. Profit-booking was seen in the technology sector after the gains on Monday.
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