Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

DLF (1.96% up)

DLF gained 1.96 %, Unitech 3.1% and Indiabulls Real Estate 4.1% after clarity on the service tax issue applicable to the real estate sector. The finance ministry clarified that all payments made only after the Finance Bill becomes an Act shall be subject to the service tax announced in the Budget.

ARSS Infra (10.54% up)

ARSS Infrastructure Projects gained 10.54% on the second day of its listing after gaining 64% on the first day. The company has raised Rs103 crore through an initial public offering. It expects a revenue of Rs1,050 crore in the current fiscal, with a profit-after-tax of Rs100 crore.

Maytas Infra (19.89% up)

Maytas Infra gained 19.89% as the firm has reached a repayment settlement with one of its lenders, HDFC Bank. Maytas will now pay only 50% of the outstanding loan of Rs100 crore as on January 2009. Some other banks have also agreed to similar proposals.

Sesa Goa (6.92% up)

The shares of Sesa Goa were up 6.92% and Gujarat NRE Coke 4.4% on reports that two leading Australia-based global miners, BHP Billiton and Rio Tinto, are contemplating a shift from annual to quarterly contracts. With this, many Indian coking coal producers and consumers expect prices to rise.

Punj Lloyd (1.82% up)

Punj Lloyd declined 1.82% after its client Ensus UK levied liquidated damages of Rs180 crore on the company due to delay in completion of a bio-ethanol project. HSBC said it expects the infrastructure company to report a loss of Rs40 crore in the current fiscal.