Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Mon, Nov 23 2009. 10 23 PM IST
Updated: Mon, Nov 23 2009. 10 23 PM IST
Reliance Industries (3.31% up)
Reliance Industries Ltd (RIL) ends up 3.31% after the company made a non-binding cash offer for LyondellBasell. If approved by the LB bankruptcy court and two-thirds of its creditors, the deal is expected to close in six months. Credit Suisse maintains ‘outperform’ with target price of Rs2,380.
Bharti Airtel (4.48% down)
Bharti Airtel ends down 4.48% on analysts’ concern post-mobile number portability and slashing of roaming rates. Tata Docomo has extended its per second-billing scheme to roaming calls. On Friday, Bharti launched a new billing scheme that slashed roaming rates by nearly 60%.
Balrampur Chini (6.08% down)
Balrampur Chini was down 6.08% as analysts fear the farmers’ agitation is likely to lead to changes in the ordinance which may reduce its long-term positive impact on UP-based mills. The sugar cane price Bill was not tabled in Parliament on Monday, but markets expect an all-party meet on the crisis anytime.
GMDC (17.2% up)
Gujarat Mineral Development Corp. Ltd (GMDC) ends up 17.2% after Gujarat government reserves 1,153 ha for the firm. GMDC will retain 20% of sale price for lifting manganese ore from Shivrajpur areas and will be allowed to set up joint venture plants.
Aurobindo Pharma (8.38% up)
Aurobindo Pharma ends up 8.38% following its guidance. It’s aiming to be a $2 billion company over next three years against FY09 revenues of Rs3,077 cr. Pfizer’s contribution is expected to be around 25 % of company’s sales in three years against the around $40 mn now.
HCL Tech (5.41% up)
HCL Tech ends up 5.41% after signing a deal with Equitable Life Assurance Society for $200 mn. HCL has been selected as preferred partner to deliver cost reduction and cost certainty to Equitable Life. HCL says that revenue from contract will accrue immediately.
Vishal Retail (6.87% up)
Vishal Retail ends up 6.87% after the company told CNBC-TV18 that its corporate debt restructuring (CDR) has been admitted and the firm has 60 days to come out with a final proposal. It will have 120 days to implement the final CDR, which will have to cut finance costs significantly.
Ashapura Minechem (5% up)
Ashapura Minechem ends up 5% after the Gujarat government released a directive on Bauxite. The firm will now be able to resume the sale and export of its mined Bauxite from Gujarat, which is likely to have a positive impact on its performance in the current fiscal year.
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First Published: Mon, Nov 23 2009. 10 23 PM IST
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