Tech Mahindra (up 17.65%)
The Tech Mahindra stock rose 17.65% after CNBC-TV18 reported that the market regulator had cleared its open offer for Satyam, albeit with riders. The stock also gained from telecom minister A. Raja’s comment that tax breaks to information technology firms could be considered.
Network 18 (up 17.62%)
The shares of Network 18 Media and Investments Ltd closed at Rs154.50 on the National Stock Exchange on Wednesday. The company board has approved issue of 9.2 million shares to SAIF Partners at Rs 130 per share and constitution of a panel to manage its QIP issue of up to 25 million shares.
S Kumars (up 14.63%)
Shares of S Kumars Nationwide Ltd gained Rs6.30 on the National Stock Exchange to close at Rs49.35 on Wednesday after a US bankruptcy court approved its raised bid along with a partner to acquire Hartmarx Corp., paving the for the purchase of the Chicago-based suit maker.
Edelweiss Capital (up 13.64%)
The Edelweiss Capital stock rose 13.64% as the sentiment in brokerage stocks has improved with volumes going back to historically high levels. All brokerage companies are expected to significantly improve their performance in the next quarter.
Sobha Developers (up 10.01%)
The Sobha Developers Ltd stock closed Rs20.30 higher after CNBC TV 18 reported that the company plans to raise Rs250-300 crore through a qualified institutional placement. The realtor has appointed Morgan Stanley and Enam Securities as investment bankers for the issue.
Zee Entertainment (up 10.65%)
The shares of Zee Entertainment rose Rs18.35 to close at Rs190.65. Latest data shows that Zee has overtaken Star Plus as the No. 2 channel in the extremely competitive general entertainment channel market. Zee had earlier been pushed to No. 3 after Colors occupied the No. 1 slot.
ITC (up 5.65%)
The ITC Ltd share gained 5.65% after reports that it has hiked prices of two of its cigarette brands. The reports also suggested that the company may raise prices of some more brands. The stock closed at Rs203.05 on the National Stock Exchange on Wednesday.
Jain Irrigation (down 6.11%)
The Jain Irrigation Systems stock lost Rs41.05 on the National Stock Exchange to close at Rs630.35 on Wednesday after brokerage firm India Infoline recommended investors book profits in the stock after the big rally. The stock was up 44% in the last 10 trading sessions.