Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Natco Pharma (20.04% up)

Natco Pharma Ltd surged 20.04% after the US Food and Drug Administration accepted Mylan Inc.’s application for generic versions of Teva Pharmaceutical’s Copaxone brand. Copaxone has global sales of nearly $3 billion in 2009.

Glenmark (1% up)

Glenmark Pharmaceuticals Ltd ended up 1% after the firm told CNBC-TV18 that it will use the entire qualified institutional placement proceeds for debt repayment, which is expected to come down to Rs1,600 crore from Rs2,000 crore.

Lakshmi Vilas (10.30% up)

Lakshmi Vilas Bank Ltd gained 10.30% after the board approved one-for-one rights issue at Rs54. The company told CNBC-TV18 that it will raise Rs255 crore from the rights issue and is looking to raise Rs100 crore from tier II bond issue.

Andrew Yule (10% up)

Andrew Yule and Co. Ltd surged 10% on the Bombay Stock Exchange on Tuesday ahead of the board meet on 24 September for disinvestment in Tide Water. The company holds 24% stake in Tide Water. The firm’s shares closed at Rs59.95 each.

Mafatlal (4.98% up)

Mafatlal Industries Ltd ended up 4.98% on the Bombay Stock Exchange on reports that the company has put an 85,000 sq. ft property in Lower Parel in Mumbai on the block, hoping to generate between Rs100 crore and Rs150 crore.

Jindal Steel (6.88% up)

The Jindal Steel and Power Ltd (JSPL) stock ended up 6.88% on reports that Jindal Power, part of JSPL, is planning to raise Rs4,000 crore from the primary market to partly fund its 2,400MW super-thermal power project in Chhattisgarh.