Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

RIL (3.21% down)

The Reliance Industries Ltd (RIL) stock fell 3.21% on Monday after 62,519 shares exchanged hands on the Bombay Stock Exchange (BSE) at Rs840.5 per share, which was nearly 17% below the ruling market price. As per the BSE website, the stock fell to an intraday low of Rs840.55.

Maruti Suzuki (1.8% up)

Maruti Suzuki India Ltd surged 1.8% as the company recorded its highest ever monthly sales. The firm’s total sales rose to 102,000 units in May 2010 compared with 79,872 units a year ago. The firm told CNBC-TV18 that the process of debottlenecking had also helped in increasing the numbers.

Unitech (4.9% down)

Unitech Ltd ended down 4.9% after the fallout with its Mumbai’s joint venture partner Omkar for slum rehabilitation projects. Both partners had an equal stake in the newly formed venture Unitech Omkar. Unitech had already invested Rs250 crore in the venture.

Sesa Goa (5.19% down)

Sesa Goa Ltd fell 5.19% after the railways hiked freight charges on iron ore exports by Rs300 per tonne. The railways announced a hike in freight charges for the fourth time since the February budget, taking the cumulative hike to Rs1,000 per tonne since February.

Karnataka Bank (4.72% down)

Shares of Karnataka Bank Ltd plunged 4.72% on Tuesday after Axis Bank Ltd and Karnataka Bank denied reports of a merger of the two banks. Karnataka Bank's stock had surged nearly 15% on market talks that it was the subject of a merger or takeover bid by Axis Bank.

Chambal Fertilizers (6.42% up)

The Chambal Fertilizers and Chemicals Ltd stock ended 6.42% up on account of new pricing scheme being introduced to control subsidy. The reimbursement was dependent on feedstock and vintage of the plant. Subsidy was linked to actual retention price (RP) or group average RP, whichever is lower.

Bank of Maharashtra (6.64% up)

The Bank of Maharashtra stock ended up 6.64% on Tuesday after news that the bank may get up to Rs1,000-1,500 crore from the government in June. The bank had sought capital infusion of Rs1,800 crore from the government about a month earlier.

S Kumars (1.67% up)

S. Kumars Nationwide Ltd ended 1.67% up after the management told CNBC-TV18 that the company was on target for 20-25% annual growth in Brandhouse Retail. The Reid and Taylor initial public offering is under progress and they expect approval from Sebi in two-three months.

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