Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

IREL (6.7% down)

The Indiabulls Real Estate Ltd (IREL) stock fell 6.7% following the repo and the reverse repo rates hike by 25 basis points each to 5% and 3.5% respectively, with immediate effect. While the quantum of rate hikes was in-line with analysts expectations, the timing was bit of a surprise.

Bharti Airtel (1.4% up)

Shares of Bharti Airtel Ltd, provider of telecommunication services, ended 1.4% up after the company arranged debt financing for Kuwaiti Telecom operator Zain’s African operations bid. The financing was oversubscribed, with major international banks committing to underwrite the total amount.

Zee News (2% up)

Shares of Zee News Ltd ended 2% up after the Bombay high court approved an arrangement between Zee Entertainment Enterprises Ltd and Zee News. The court has approved demerger of Zee News’ general entertainment business and transfer of the same to Zee Entertainment.

BSEL Infra (11.8% up)

Shares of BSEL Infrastructure Realty Ltd ended 11.8% up following news that the company’s board meeting will be held on 25 March to take a note that the company has become a debt-free. The board will analyse the demerger scheme of the company and start the infrastructure activity at United Arab Emirates.

Transgene Biotek (4.9% up)

Shares of Transgene Biotek Ltd ended 4.9% up after the company filed for two new patents. The first patent is filed for AIDS therapeutic vaccine and second patent for multiple sclerosis. The company expects to file more patents shortly and has been approached by multinational companies for out licensing opportunity in oncology.

Aventis Pharma (3.8% up)

The Aventis Pharma Ltd stock ended 3.8% up after Hoechst GmbH decided to buy 10.27% stake in the company at Rs1,750 per share from Kingfisher Finvest, UB Holding, McDowell Holding. This will take Hoechst’s stake to 60.37% from 50.1% that is holds currently Aventis Pharma.

Suven Life (11.1% up)

Shares of Suven Life Sciences Ltd rose 11.1% after the company said that it has around 13 molecules in various stages of development in drug discovery pipeline. The company is in the process of negotiating with a couple of innovators and expects the second milestone from Eli Lilly by the end of the year.