Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

3i Infotech (4.70% up)

3i Infotech Ltd rose 4.70% after NW18 reported that ICICI Bank is in talks to sell its stake to a US-based private equity firm at Rs110-120 per share. At the end of the September quarter, ICICI Bank and ICICI Strategic Investments Fund held 6.79% and 23.18% respectively in 3i Infotech.

NTPC (6.98% up)

NTPC Ltd rose 6.98% on reports that power producers may get to sell unused output in the open market at market-determined prices. At present, the power ministry has the flexibility to allocate 15% of the overall power produced by generating utilities owned by the Centre.

ICICI Bank (4.47% up)

ICICI Bank Ltd rose 4.47% on a CNBC-TV18 report that the bank is back in recruitment mode. Top officials told CNBC-TV18 that full-scale recruitment would take place by April next year and that they are looking to add 3,500 employees by the first quarter of FY10.

SpiceJet (8.49% up)

SpiceJet Ltd climbed 8.49% on reports that the airline may post a profit this fiscal after restructuring efforts. Analysts believe that the yields have already seen a more than 20% recovery in the ongoing busy season and are expected to maintain this level over the next year.

Gujarat NRE Coke (5.96% up)

Gujarat NRE Coke Ltd climbed 5.96% as the company expects coke prices to go up from January as the supply has been very low. Coke prices have been rising steadily in the range of 1000-1500 on a monthly basis from January to September.

Adhunik Metaliks (11.50% up)

Adhunik Metaliks Ltd rose 11.50% after IDFC Project Equity Fund bought a 27% stake in subsidiary Adhunik Power for Rs250 crore . The investment be used to set up a 540MW power project over the next two years. Adhunik Metaliks owns 99% of Adhunik Power.

ETC Networks (4.86% down)

ETC Networks Ltd fell 4.86% after the board approved the demerger of its education business after the merger with Zee Entertainment; the merger has been approved by Zee’s board. Zee Entertainment said the demerged education firm will be listed separately.

JK Tyre (9.93% up)

JK Tyre and Industries Ltd ended up 9.93% on the news that the company is scouting for acquisitions in South East Asia. On the domestic front, the tyre company is set to hike rates of its products by up to 10% by early next month on account of increasing commodity prices.