Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Hindalco (5.06% up)

Shares of Hindalco Industries Ltd ended 5.06% up as Novelis reported profit after three loss-making quarters. Novelis’ third quarter adjusted earnings before interest, taxes, depreciation, and amortization at $199 million flat quarter-on-quarter but 55% higher year-on-year.

Tata Steel (6.23% up)

The Tata Steel Ltd stock rose 6.23% after Corus turned earnings before interest, taxes, depreciation, and amortization (EBTIDA) positive. Corus reported positive EBTIDA of $142 million led by an impact of increased steel realizations of $131 million, cost-reduction initiatives of $104 million and better volume/mix of $105 million.

Bharti Airtel (2.78% up)

Shares of Bharti Airtel Ltd, provider of telecommunication services, closed 2.78% up after falling nearly 15% for last 2 days. Bharti Airtel said the total payout in Zain deal is at $9 billion, which includes any loans payable by the operating companies to Zain Group. Zain Africa has net debt of $1.7 billion.

Birla Shloka (9.90% up)

Shares of Birla Shloka Edutech Ltd rose 9.90% after the board approved raising up to Rs75 crore through American Depository Receipt/Global Depository Receipt. The move comes after the firm raised Rs35 crore through a follow-on public offer in January which was subscribed 1.43 times.

Indo Tech (15.77% up)

Shares of Indo Tech Transformers Ltd, manufacturer of power and distribution transformers, surged 15.77% to Rs320 on speculation that a venture partly owned by General Electric Co. may make a second open offer for the company, which may lead to the delisting of the stock.

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