Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Transport Corp. (19.03% up)

Shares of Transport Corp. of India Ltd, an integrated supply chain and logistics solutions provider, surged 19.03% on Monday on the back of very strong volumes. The company’s board is scheduled to meet on 17 March to consider the demerger/restructuring of real estate business.

Triveni Engineering (5.72% down)

Shares of Triveni Engineering and Industries Ltd ended 5.72 % down after the company announced demerger of its steam turbine business. The company’s management said steam turbine business has the best margins amongst its peers globally and will help co to unlock value.

Radico Khaitan (1.12% down)

Shares of Radico Khaitan Ltd ended 1.12% down. CNBC- TV reported that the company has launched a qualified institutional placement (QIP) book to raise $40-75million. The QIP issue is priced at Rs118.19 per share, marginal discount to Monday’s closing price. The book is likely to be closed before the market opens on 16 March.

DHFL (2.05% down)

Shares of Dewan Housing Finance Corp. Ltd (DHFL) fell 2.05% post the hangover of untangling of cross holding within the promoters. The company’s management told CNBC-TV18 that it is floating a new subsidiary and IFC will pick up stake in it. DHFL further confirmed that disentangling of cross holding was part of the family arrangement.

Ranbaxy (0.40% up)

The Ranbaxy Laboratories Ltd stock ended flat after the company announced a settlement of Actos patent litigation with Takeda Pharmaceutical Co. Ltd. Analysts tracking the company said the settlement should be seen as a positive development for Ranbaxy as Actos reported sales to the tune of $3.4 billion in 2009.

Aban Offshore (2.03% down)

Shares of Aban Offshore Ltd ended 2.03% down on Monday after CNBC-TV18 reported that a Norwegian company Petrojack has filed for bankruptcy. Aban Offshore holds 20% stake in Petrojack and its stake on annual report was shown at Rs194 cr. According to the current market price of Petrojack, Aban’s stake is valued at Rs40.