Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Oct 29 2009. 11 06 PM IST
Updated: Thu, Oct 29 2009. 11 06 PM IST
M&M (4.1% up)
Shares of Mahindra and Mahindra Ltd (M&M) rose 4.1% after posting a record quarterly profit. The firm’s second quarter net profit nearly trebled to Rs703 crore, against Rs226 crore in the same quarter last year, beating expectations as lower borrowing costs spurred auto sales.
Bank of India (12.3% down)
The Bank of India stock plunged 12.3% after its second quarter net profit fell 57.66% to Rs323 crore, compared with Rs762.86 crore in the corresponding period a year ago, as higher slippages led to higher provisioning for bad loans. Its shares closed at Rs355.60 each on the National Stock Exchange on Thursday.
Zee News (8.5% up)
Shares of Zee News Ltd surged 8.5% after the board of Zee Entertainment Enterprises declared a share swap ratio for the acquisition of the regional entertainment business of Zee News. Shareholders of Zee News will get four shares of Zee Entertainment for every 19 shares held.
PNB Gilts (20% up)
Shares of PNB Gilts Ltd surged 20% after state-run Punjab National Bank announced that the bank has decided to merge PNB Gilts with itself by December-end. The firm’s shares closed at Rs28.60 each on the National Stock Exchange on Thursday.
Dish TV (8.2% down)
Shares of direct-to-home service provider Dish TV India Ltd fell 8.2% on Thursday after the firm’s quarterly average revenue per users (Arpu) declined. The company’s second quarter Arpu of Rs139 was below its first quarter Arpu of Rs142 and analysts’ expectation of Rs144.
Tata Chemicals (6.7% down)
Shares of Tata group firm Tata Chemicals’ declined 6.7% on Thursday after the firm’s second quarter consolidated net sales declined to Rs2,229.50 crore from Rs4,654.06 crore. Consolidated net profit declined to Rs222.8 crore from Rs277.7 crore. in the corresponding year-ago period.
Puravankara (6.3% up)
The Puravankara Projects Ltd stock gained 6.3% on the back of good results. The company’s September quarter revenue stood at Rs226.04 crore, against Rs55.97 crore in the corresponding period last year. The firm’s shares closed at Rs98.70 each on the National Stock Exchange on Thursday.
RCom (6.4% down)
Shares of Reliance Communications Ltd (RCom) declined 6.4% on Thursday after Citi Investment Research and Analysis raised questions over the company’s financial statements. Citi has maintained its ‘sell’ rating on the stock with a target price of Rs210.
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First Published: Thu, Oct 29 2009. 11 06 PM IST
More Topics: CNBC-TV18 | Sensex | Shares | Stocks | Markets |