Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

McLeod (15% Up)

Mcleod Russel India Ltd surged 15% on Friday on reports that Kenyan tea prices have soared to an all-time high due to subdued production and amid fears of drought. Indian tea is priced at Rs135-140 per kg. The firm told CNBC-TV18 that there is scope for a rise in price of tea.

Indiabulls (9.4% Up)

The Indiabulls Real Estate Ltd stock gained 9.4% on the National Stock Exchange on Friday after the company said it was the highest bidder to redevelop government offices in Mumbai. The company bid Rs1,380 crore for the Mantralaya makeover project, scheduled to be completed in four-five years.

Puravankara (8.7% Up)

Puravankara Projects Ltd gained 8.7% on Friday. The firm hasn’t sold any shares yet, Ravi Ramu, a company director, said in an interview aired by CNBC-TV18. The firm said in a 25 May regulatory filing that it aimed to raise Rs750 crore by selling stock to foreign investors.

Glenmark (3.3% Down)

Shares of Glenmark Pharmaceuticals Ltd declined 3.3%. The scrip is down 20% in the last three days after the firm said its experimental treatment for chronic obstructive pulmonary disease, proved ineffective in a mid-stage clinical trial.

GVK Power (4.2% Up)

GVK Power and Infrastructure Ltd stock rose 4.2% on Friday after the Bank of America-Merrill Lynch initiated coverage of the scrip with a price objective of Rs57. Shares of the firm closed at Rs47.45 on the National Stock Exchange.

IVRCL (4.7% Up)

The IVRCL Infrastructures and Projects Ltd stock rose 4.7% to close at Rs345.30 on Friday. The company has emerged as the lowest bidder for the 25km Sion-Panvel expressway in Mumbai.