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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Tue, Apr 06 2010. 10 51 PM IST
Updated: Tue, Apr 06 2010. 10 51 PM IST
Persistent Sys (31.08% up)
Persistent Systems ended up 31.08%. The firm told CNBC-TV18 that there is an opportunity to hold growth rate of 30% in FY11. The company is targeting revenue of Rs675 crore in FY11 from both domestic and overseas markets. The company’s initial public offer was subscribed over 93%.
Religare (1.55% up)
Religare Enterprises ended up 1.55%, but off nearly 4% from day’s high. In a board restructuring, Malvinder and Shivinder Singh stepped down and Sunil Godhwani took over as chairman and managing director. The managem0ent told CNBC-TV18 that they are open to increasing promoter stake in the firm.
SpiceJet (7.8% up)
Shares of SpiceJet Ltd rose 7.8% following unconfirmed press reports early in the morning that Religare is looking to buy a majority stake in SpiceJet. The Religare management, however, told CNBC-TV18 it does not want to comment on speculation on buying a stake in SpiceJet.
United Spirits (3.3% down)
Shares of United Spirits Ltd fell 3.3% after CLSA Asia Pacific Markets downgraded the stock on earnings per share downgrade/valuation concerns. CLSA fears the earnings before interest, taxes, depreciation and amortization guidance for Whyte and Mackay may fall.
Unitech (0.20% up)
The Unitech Ltd stock ended 0.20% up after the company’s board appointed a committee for operation restructuring. The committee will explore, consider and evaluate opportunities and suggestions for potential merger of subsidiaries, de-merger and other forms of restructuring.
Tata Power (1.04% down)
Shares of power utility firm Tata Power Co. Ltd closed 1.04% down after the firm’s subsidiary PT Bumi Resources secured a 40% price increase for coal from a Japanese buyer. The freight-on-board price for the year that began on 1 April was set at $104 per tonne.
MSL (5% up)
Shares of Maharashtra Scooters Ltd (MSL) rose 5% after CNBC-TV18 reported that the shareholders of the company have written to MSL, the Western Maharashtra Development Council (WMDC), industries minister and the chief minister for unlocking the shareholder value for WMDC and all other shareholders.
Prime Focus (12.86% up)
The Prime Focus Ltd stock surged 12.86% after 9.36% equity changed hands on Tuesday on the National Stock Exchange at Rs250 per share. The promoter holding stands at 53.85% in the company. Among major shareholders is Reliance Mutual Fund, which holds 14% equity.
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First Published: Tue, Apr 06 2010. 10 51 PM IST
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