Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

SAIL (1.81% up)

Shares of Steel Authority of India Ltd (SAIL) ended 1.81% up following a CNBC-TV18 report that the company may issue bonus shares before its follow-on public offer. The government has suggested a bonus issue to SAIL, but the company is yet to finalize the plan.

Ranbaxy (0.95% up)

The Ranbaxy Laboratories Ltd stock ended 0.95% up after the World Health Organization (WHO) approved the firm’s Paonta Sahib plant. WHO said that based on an inspection, the unit was considered to be operating at an acceptable level of compliance with WHO norms.

Subex (10.06% up)

Shares of Subex Ltd surged 10.06% after the firm’s board approved an issue of up to 6 million shares to promoters at Rs80 per share. Promoters’ stake will increase by nearly 6% post allotment. The issue price is higher than the Securities and Exchange Board of India floor price that is applicable for this issue.

Goodyear India (20% up)

Shares of Goodyear India Ltd surged 20% after the parent company Goodyear Tire and Rubber Co. (GTRC) proposed a voluntary delisting of the shares of the company at an indicative price of Rs245 per share. At present, GTRC holds 74% of the total paid-up share capital of the company.

Strides Arcolab (13.06% up)

Shares of Strides Arcolab Ltd ended up 13.06% after the firm received Abbreviated New Drug Application approval for Labetalol Hydrochloride injections. The drug, whose market size is $8 million, has been launched under a partnership between Strides and Sagent Pharmaceuticals Inc.