Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Den Networks (16.2% up)

Den Networks declined 16.2% on the first day of listing against the issue price of Rs195 per share. The company, which is engaged in the business of distribution of analogue and digital cable television services, raised nearly Rs370 crore through an initial public offering.

Infosys (1.15% down)

Infosys gained 1.15% after CNBC-TV18 reported that the firm is in talks to acquire Ciber Novasoft for $200-300 million. Ciber Novasoft is a European firm with revenues of $400 million and presence in Europe, Asia and the US. Infosys said it will not comment on speculative reports.

Mahindra Forgings (2.5% up)

The Mahindra Forgings stock gained 2.5% on the back of speculation that the company is looking to raise around Rs225 crore through a rights issue or qualified institutional placement. The company’s board has already alerted stock exchanges on rights issue plan. The promoters currently hold 61% in the firm.

Videocon (6.7% up)

The shares of Videocon were up 6.7% on Tuesday after Anadarko Petroleum Corp. reported that it had discovered oil in a Brazilian block (BM-C-30). Videocon, along with Bharat Petroleum Corp. Ltd, holds a 25% stake in the block. Anadarko Petroleum holds a 30% stake in the block.

Balrampur Chini Mills (6% up)

The shares of Balrampur Chini Mills were up 6%, while that of Bajaj Hindustan gained 5.3%, on Tuesday on reports that the government had convened an all-party meeting, chaired by the agriculture minister, to discuss amendments that need to be introduced in the sugar cane control order.

Max India (7.2% up)

The shares of Max India gained 7.2% on Tuesday. Enam Securities says that Max New York Life per share value to Max India is around Rs305 per share. Enam values the insurance business at Rs9,200 crore. Max India has 76% economic interest in Max New York Life.

Whirlpool India (4.5% up)

Whirlpool India gained 4.5% after the company told CNBC-TV18 that volumes have shown a strong double-digit growth. They expect the growth momentum to continue and see robust growth in refrigerators and washing machines. It will raise product prices by 1-2% in December.

Strides Arcolab (2.86% up)

The Strides Arcolab stock gained 2.86% on reports that General Atlantic is in advanced talks to buy 30-40% stake in the drug maker’s injectables business for around $100 million. The firm, however, denies reports of General Atlantic buying stake in the arm.