Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

ABG Shipyard (5.21% up)

Shares of ABG Shipyard Ltd were up 5.21% on reports that the company is planning to sell its 15.2% stake in Great Offshore. This will help the firm to reduce debt. The transaction is likely to be sealed within the next six months.

WISL (9.95% up)

Shares of Western India Shipyard Ltd (WISL) were up 9.95% on reports that the high court has given approval to ABG Shipyard to formally move ahead with the acquisition of the firm. This could pave way for the merger of the two firms but there is no confirmation from any of the parties.

UCO Bank (7.50% up)

Shares of UCO Bank Ltd were up 7.50% after gaining nearly 7% on Friday. The stock has been witnessing huge build-up in futures and options segment, which added nearly 40 million shares. The net profit surged 43.2% year-on-year to Rs250 crore.

Engineers India (8.70% up)

Shares of Engineers India Ltd were up 8.70% after gaining 20% on Friday. Disinvestment secretary told CNBC-TV18 that the reason for announcing bonus issue was that the stock was trading at over Rs2,000.

Parenterals Drugs (19.1% up)

Shares of Parenterals Drugs (India) Ltd were up 19.1% after gaining 20% a day ago on Friday when 14.2% equity was changed. Management told CNBC-TV18 that the firm has taken over a unit in Mauritius and is waiting for regulatory clearances from the government of Mauritius.

UltraTech Cement (3.30% down)

Shares of UltraTech Cement Ltd were down 3.30% after reporting results below market expectations. Profit after tax fell to Rs196 crore. This was largely due to a sharp fall in the cement prices in the south and higher freight and packing costs.