BackSensex lifeline: high beeps and pratfalls
Sensex lifeline: high beeps and pratfalls
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India Cements (8.3% down)
Shares of India Cements ended down 8.3% on the NSE after poor set of results. Street was disappointed in light of performance/expectations from other cement majors. The firm reported first quarter revenues up 9% at Rs953.5, net profit up 2% at Rs144.3 crore.
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LIC Housing Finance (6.5% down)
LIC Housing Finance closed down 6.5% on the NSE on results below market expectations. Q1 profit after tax rose 18% to Rs124 crore, against expectations of nearly Rs138 crore, due to lower-than-expected net interest income growth. Gross non-performing assets rose 49% to Rs440 crore.
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IDFC (5.7% down)
IDFC shares were down 5.7% after Crisil downgraded its debt from AAA to AA+ on expectations that the firm will pursue higher growth and reduce tier I capital below 20%. IDFC says internal accruals are enough to sustain growth plans and there is no immediate need to borrow.
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Deccan Chronicle (9.7% up)
The Deccan Chronicle scrip closed up 9.7% after the Sebi approved its buy back of up to 35 million shares at maximum price of Rs100 each. If successful, promoter holding would rise to 73.5% from the current 63%. Sebi also grants the firm exemption from making and open offer post buy back.
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Moser Baer (4.9% up)
Moser Baer shares ended up 4.9% after the company settled a case with Philips. The firm told CNBC-TV18 it will not pay any settlement fees to Philips and save $15 million annually in litigation cost. The firm is also looking at an initial public offering for its energy business but no final decision has been taken yet.
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Kajaria Ceramics (11.8% up)
The shares of Kajaria Ceramics ended up 11.8% after Rare Enterprises, owned by Rakesh Jhunjhunwala, bought one million shares at the rate of Rs34 per share on Monday. Jhunjhunwala already holds 1.5 million shares, or 2.04% stake, in the company as on March 2009.
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