Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Reliance (5% down)

The Reliance Industries Ltd (RIL) stock plunged 5% on the back of 1.5 crore treasury shares being sold in early trade at Rs2,125 per share. The company raised $650 million through this stake sale. RIL Petroleum Trust held 6.65% stake as of June, which has now reduced by 1%.

ACC (3.60% up)

ACC Ltd ended up 3.60% on official comments that the company is looking to raise Rs300 crore to reduce debt and that it is also looking to raise its cement output to 30 million tonnes by 2010. The company’s shares closed at Rs830, each, on the National Stock Exchange on Thursday.

Bharati Shipyard (2.97% up)

Bharati Shipyard Ltd surged 2.97% after raising its stake in Great Offshore Ltd to 22.48% after acquiring 3% in the open market on Wednesday. The company has now increased its open offer price to Rs560 per share from Rs405 per share earlier and against Rs520 per share of ABG Shipyard Ltd.

Deccan Gold (10% up)

The Deccan Gold Mines Ltd stock surged 10% on the Bombay Stock Exchange on Thursday for the second consecutive session on the back of strong gold prices. International gold prices are at an 18-month high while Indian prices are at an all time high. The firm’s shares closed at Rs30.90 each.

Jet Airways (16.66% up)

Jet Airways (India) Ltd gained 16.66% on CNBC-TV18 news that the airline has seen higher load factor in the last three days due to fare cuts. The revenue loss during the strike has been pegged at $16 million. However, the company has started implementing strategies to recover losses.

P&G (12.7% up)

Procter and Gamble Hygiene and Health Care Ltd surged 12.07% on the back of aggressive comments made by P&G CEO Bob McDonald about targeting growth in emerging markets such as India. He also said the company is looking at selling wider range of lower-priced products in India.

Renuka Sugars (0.69% down)

Shares of Shree Renuka Sugars Ltd plunged 0.69% to close at Rs202 on Thursday on a decline in prices and possible delay in levy quota. Sources said they expect a final decision on levy only by October end. Indian sugar prices have declined 10% in last fornight.

Sobha Developers (4.30% up)

Shares of Sobha Developers Ltd surged 4.30% to close at Rs256.05 on the National Stock Exchange on Thursday on the announcement that the company has built the largest corporate education centre in the world for Infosys Technologies Ltd at Mysore.