BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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Reliance Communications (11.07% up)
Reliance Communications Ltd (RCom) gained 11.02% on reports that UAE-based Etisalat is looking to acquire stake in the firm and plans to follow it up with an open offer with a valuation of Rs18,000 crore. Etisalat DB Telecom, however, said it is in talks with several Indian phone operators.
Shree Renuka (4.6% up)
Shares of Shree Renuka Sugars Ltd rose 4.6% after CNBC-TV18 reported that it is likely to restructure the Brazilian sugar and ethanol maker Equipav deal and is set to pay 25% lower than the price negotiated earlier. Sources say that the deal could close by the end of this week, and the firm is likely to pay Rs1,100-1,150 crore.
Four Soft (19.9% up)
Shares of Four Soft Ltd surged 19.9% to touch the upper circuit after CNBC-TV18 reported that Kotak Private Equity (PE) was exploring options to sell stake in the company. Kotak PE currently owns 10.14% stake in the firm. This stake is valued at Rs23.8 per share, but Kotak is looking to sell at a premium of Rs60 per share.
Sona Koyo (7.30% up)
Sona Koyo Steering Systems Ltd gained 7.30% as Tata Motors’ Sanand plant commenced operations from Wednesday. Sona Koyo supplies 100% assembly units and 50% steering wheels for the Tata Nano. The company told CNBC-TV18 that the opening of the new plant should end production and vendor issues that were long drawn since the Singur land problem.
Minal Engineering (9.85% up)
Shares of samall-cap company Minal Engineering Ltd gained 9.85% on Wednesday on the back of its sound quarterly results. The company reported revenues of Rs67 crore in the fourth quarter of FY10. The firm has also set a healthy revenue guidance of Rs100 crore and a profit after tax target of Rs10 crore for fiscal 2011.
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