Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Bharati Shipyard (16.9% up)

Bharati Shipyard gained 16.90% after its open offer for a 20% stake in Great Offshore opened . The average price of its acquisition of 43.1% stake comes out to be Rs475/sh. Analysts believes that acquisition presents significant synergies for Bharati.

Aptech (1.19% up)

Aptech rose 1.19% after the company’s management told CNBC-TV18 that they will revisit China listing at an appropriate time. The company had launched “English Express", which is into English language training, and is looking to expand outside India, in the CIS region.

Edelweiss (1% down)

Edelweiss ends down 1% after it bought nearly two million Great Offshore shares at an average price of Rs577.9/share, thus incurring MTM loss of nearly Rs13.5 cr. Edelweiss says that share block bought by the co– ECL Finance and Edelweiss Finance & Investment is an open offer arbitrage trade.

Piramal Health (3.5% down)

Piramal Health lost 3.5% after its board approved raising up to Rs1,000 crore by issuing equity or equity-related instruments. The funds will primarily be used to retire debt, and fund acquisitions. The company had about Rs1,400-1,500 crore in debt as of end September.

Mahindra Satyam (5.32% up)

Mahindra Satyam ends up 5.32% after JPMorgan upgraded the stock to overweight from neutral with price target at Rs140 (Rs150/share previously). JPMorgan believes sharp share price underperformance in the last three months renders risk reward favorable again for the company.

Unitech (1.29% up)

Unitech gained 1.29% after Sanjay Chandra told CNBC-TV18 that Unitech Wireless has launched GSM services in seven circles and will not enter the tariff war. There are no plans to list for three years and peak funding requirement is Rs15,500 crore. The firm has pegged Ebitda break-even at three years.