BackMovers & Shakers
Movers & Shakers
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Tata Motors (up 18.8%)
Shares of the automobile company gained 18.8% on reports it has raised Rs1,250 crore by selling debetures to the Life Insurance Corp. of India. The money will be used to refinance the $3 billion loan taken last year to buy the marque UK-based brands of Ford Motor, Jaguar and Land Rover.
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SREI Infra (up 12.8%)
The SREI Infrastructure Finance Ltd stock ended up 12.8%. The company expects to disburse 10% more funds for infrastructure projects this fiscal than it did in 2008-09. It is also planning to raise Rs1,000 crore through non-convertible debentures.
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Bhel (down 6%)
Bharat Heavy Electricals Ltd or Bhel shares declined 6%. Goldman Sachs initiated coverage on the firm with a sell rating, targeted at Rs1,355. Goldman Sachs says structural changes in the power equipment market, with a higher share of supercritical and private sector orders under the 12th Plan, would be negative for Bhel. The stock currently trades at 28.8 times FY10 earnings.
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Jain Irrigation (up 8.5%)
Jain Irrigation Systems Ltd shares ended up 8.5% after the company won an order worth Rs65.1 crore. The project is likely to save up to 40% water and benefit around 3,000 farmers. Most agro-based stocks have risen 15-30% post-election outcome as the Congress manifesto promises continuation of policies including the rural job guarantee scheme.
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Kingfisher Airlines (up 27.8%)
The airline firm’s shares surged 27.8% on hopes the new government may allow FDI in the aviation sector.?The market has been talking about allowing foreign airlines to pick up a minority stake in domestic airlines. Reports say Vijay Mallya has decided to sell 25% equity for around Rs2,000 crore.
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Simplex Infra (up 16.3%)
The Simplex Infrastructures Ltd stock ended 16.3% up at close. MF Global says the stock looks good even from the current levels, and has the potential to climb 50-60% from here. The company is getting into railways and nuclear projects.
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Essar Oil (up 11.5%)
Shares of Essar Oil Ltd rose 11.5% following an analysts’ meet on Tuesday. The company’s managing director said that he expects the government will decontrol oil prices in the near future. He also expects to take the firm’s tally of retail outlets to 5,000 in the near future. The company sees a faster revival in demand in 2011.
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Moser Baer (up 16.5%)
Moser Baer India Ltd’s stock ended up 16.5%. The company plans to spin off its entertainment business—which sells VCDs and DVDs—into a 100% subsidiary in fiscal 2010. It is also looking to raise capital to grow the entertainment business. It owns home-video rights on at least 10,000 movies in Indian languages.
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