Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Reliance Power (3.26% down)

Shares of Reliance Power fell 3.26% after the Allahabad high court struck down a February 2004 notification of the Uttar Pradesh government led by Mulayam Singh Yadav that used special powers to acquire 2,500 acres from farmers for the proposed 7,480MW Dadri power project.

Reliance Comm (1.79% down)

Reliance Communications Ltd shares declined 1.79% after the government said in the Lok Sabha that a special audit by the department of telecom found that the company and its subsidiaries had under-reported revenues during 2006-07 and 2007-08, resulting in a loss of Rs250 crore to the government.

Suzlon Energy (4.73% up)

Shares of Suzlon Energy rose 4.73% after German firm REpower, in which Suzlon holds 91% stake, signed a deal with US-based enXco to supply 70 turbines by 2011. “This order is another step forward in strengthening the REpower presence and competitiveness in the country," said Tulsi Tanti, CMD, Suzlon.

Tata Steel (3.49% down)

Shares of Tata Steel fell 3.49% after its European unit Corus decided to close a plant in north-east England with the loss of 1,700 jobs as the firm failed to secure a long-term partner for the site’s output. Corus has already cut around 4,500 jobs in Britain this year.

United Breweries (3.71% up)

Shares of United Breweries Ltd soared 3.71% on Monday after Heineken NV reached an agreement to have United Breweries brew and distribute the Heineken brand in the world’s second most populous nation as it gains more executive control in the Indian company.

Reliance Industries (3% down)

Shares of Reliance Industries Ltd (RIL) fell 3% on Monday after CNBC-TV18 reported that the firm may submit a binding bid for LyondellBasell this week. RIL has to submit its binding proposal by 15 December and the binding bid has to be similar to an earlier offer of $10-12 billion.

Adani Power (4.40% down)

Shares of Adani Power declined 4.40% on Monday after an expert appraisal committee of the ministry of environment rejected the company’s proposal for mining of coal in Chandrapur district, Maharashtra, citing the proximity of the proposed project to the Tadoba Andhari tiger reserve.

GVK Power & Infra (2.90% up)

Shares of GVK Power and Infrastructure Ltd rose 2.90% after it acquired 17% stake in Bengaluru International Airport for Rs686 crore to expand its presence in the airport business. GVK will now hold 29% stake in the airport after it acquired 17% stake from a unit of Larsen and Toubro Ltd.