Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls
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First Published: Thu, Sep 03 2009. 11 04 PM IST
Updated: Thu, Sep 03 2009. 11 04 PM IST
RCom (5.54% up)
Shares of RCom were up 5.54% on news that the firm will be filing a draft red herring prospectus for its arm, Reliance Infratel, in the near term. CNBC-TV18 also learns that the company is also looking at private placement opportunity to deleverage the balance sheet.
Berger Paints (7.82% down)
Shares of Berger Paints were down 7.82% after the management told CNBC-TV18 that there are no plans for any acquisition. The company had issued 2.2% equity to Nalanda Fund. The company plans to inject Rs135 crore to set up a plant in South India.
Suzlon Energy (3.09% up)
Shares of Suzlon Energy were up 3.09% on market speculation that the Hansen stake sale will be announced in the coming days. The firm is in talks with a consortium of wind equipment component manufacturers in Belgium, in addition to some leading turbine manufacturers in Europe.
Austral Coke (4.91% down)
Shares of Austral Coke and Projects Ltd were down 4.91% for the second day in a row after the Securities and Exchange Board of India unearthed a Rs1,000 crore scam at the firm. Shares of Gremach Infra were down 10% for the second day. Austral and Gremach Infra are promoted by the same group.
IVRCL Infra (4.59% down)
Shares of IVRCL Infra were down 4.59% on news of death of Andhra Pradesh chief minister Y.S.R. Reddy. IVRCL Infra is a Hyderabad-based firm. Investors got cautious on infrastructure stocks in Hyderabad considering Reddy was very aggressive in infrastructure development and reforms.
Pioneer Distilleries (19.91% up)
Shares of Pioneer Distilleries Ltd were up 19.91%, each, on the Bombay Stock Exchange on Thursday due to Globus Spirit initial public offering. The stocks traded volumes which were nearly 10 times 10-day average. The stock is trading around eight times in FY09 earning per share.
Aban Offshore (1.90% up)
Shares of Aban Offshore were up 1.90% on news that the firm had deployed two more rigs in Iran. DD-6 and Aban-VII have been contracted with Iran Offshore Oil Co. Day rates for DD-6 were seen between $160,000-$1,80,000 and the day rate for Aban-VII were seen higher of $100,000.
Arvind Ltd (9.28% up)
Shares of Arvind Ltd were up 9.28%. A Citigroup report had mentioned that the stock will have a good upside over the next six-eight months. The report said that the denim business is recovering and the firm is likely to benefit from power savings.
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First Published: Thu, Sep 03 2009. 11 04 PM IST