Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Jayshree Chemicals (7.8% up)

Shares of Jayshree Chemicals Ltd ended 7.8% up after the company told CNBC-TV18 that it will use the proceeds of its rights issue for expansion projects. The company also said that it’s planning a captive power plant of 30MW capacity.

SAIL (2.5% down)

Shares of Steel Authority of India Ltd , or SAIL, ended 2.5% down after CNBC-TV18 reported that the firm is unlikely to issue bonus shares before its follow-on public offer. While SAIL has sent comments to the ministry of steel on bonus shares, the government’s “discrete advice" on bonus delayed the follow-on public offer.

Uttam Galva (6.3% up)

The Uttam Galva Steels Ltd stock rose 6.3% after the firm clarified in an interview to CNBC-TV18 that ArcelorMittal’s announcement on buying another 4.9% stake in the company was misunderstood as the company has bought only 28.8% stake from the open offer and the original plan was to buy a 34-35% stake.

Subex (3.5% up)

Shares of global operations support system provider Subex Ltd ended 3.5% up after the company signed a multi-million dollar deal with a US communication services provider. The stock carried Wednesday’s momentum after the promoters agreed to put in Rs48 crore at a significant premium to market price.

BPCL (3% up)

Bharat Petroleum Corp. Ltd (BPCL), one of India’s largest oil marketing firms, ended 3% up after CNBC-TV18 reported that the Union cabinet may discuss the fuel price regime informally on Thursday, and that petrol and diesel prices may be allowed to float within a band. Fuel prices are likely to be hiked soon.