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Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Jul 30 2009. 10 56 PM IST
Updated: Thu, Jul 30 2009. 10 56 PM IST
Patni Computer (up 12.5%)
Patni Computer Systems was up 12.5% after it posted an improved Q2 net profit at Rs135.9 crore. The company’s management told CNBC-TV18 that they do not see pricing decline from here. The company also has cash balance of 350 m and will use funds to buy operating assets.
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PNB (down 5.7%)
Shares of Punjab National Bank or PNB closed 5.7% lower as total restructured loans increased to 6% of loans. The lender had said that it had restructured Rs4,100 crore (2.6% of advances) in FY09 and guided another Rs820 crore pending for restructuring.
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Mercator Lines (down 2.9%)
The Mercator Lines share dropped 2.9% after its Singapore arm reported poor results. Around 50% of the company’s sales comes from the Singapore arm. The management says that revenue was down as ship spot day rates fell, long-term pacts renewed at lower rates.
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Jindal Steel & Power (down 3%)
Jindal Steel and Power slid 3% after Kotak Mahindra downgraded the stock from reduce to sell on valuations with a price target of Rs2,150. However, Kotak has revised FY10 and FY11 consolidated EPS estimates higher to Rs247.10 and Rs236.40, respectively, post-results.
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Hexaware (up 5.5%)
The Hexaware Technologies share ended the day 5.5% higher after Morgan Stanley analysts upgraded it to overweight rating with a price target of Rs95. Morgan Stanley forecast revenue growth of -10%, flat and 12% for FY09, FY10 and FY11, respectively.
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Sun Pharma (down 3.6%)
Sun Pharma was down 3.6% after poor results due to Caraco and no Pantaprazole exclusivity based sales. The management said it is withdrawing earlier guidance due to uncertainty related to Caraco, and will issue a new one once a clearer picture emerges.
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State Bank of India (up 4%)
Shares of State Bank of India were up 4% on a 42% increase in profit after tax for the first quarter on the back of high treasury gains. Provisions have come down 88.83% to Rs173 crore. The bank’s management told CNBC-TV18 that it is seeing good signs in retail, home loans.
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Escorts (up 5.7%)
The Escorts share was up 5.7% after Rajen Shah of Angel Broking told CNBC-TV18 that investors can expect a 50% upside in the scrip in the next six months. The market is also anticipating an initial public offering from Escorts Construction in the next six-nine months.
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First Published: Thu, Jul 30 2009. 10 56 PM IST