Sensex lifeline: high beeps and pratfalls

Sensex lifeline: high beeps and pratfalls

Glenmark Pharma (2.85% up)

Glenmark Pharmaceuticals gained 2.85% on Monday after the drug maker out-licensed a dermatology drug to Medicis Pharmaceutical Corp. for upfront payment of $5 million. Glenmark Generics, a unit of Glenmark, said it has settled all pending litigation with the US-based firm.

Aban Offshore (4.4% up)

The shares of Aban Offshore were up 4.4% after the firm successfully raised $150 million through a qualified institutional placement at Rs1,224.30 per share. A substantial part of the money raised will be used towards repayment of its debt, which was worth Rs16,635.4 crore as on 31 March.

Ruchi Soya (11.2% up)

The Ruchi Soya Industries stock gained 11.2% on reports that the company board will consider merger of Mac Oil Palm Ltd with itself. The company said it is planning to increase palm refining capacity by 1 million tonnes (mt) and also raise mustard crushing capacity by 1 mt in three years.

HCL Technologies (1.2% down)

HCL Technologies declined 1.2% on possible changes in value-added tax (VAT) norms in the European Union. From next year, the 27-nation bloc plans to impose VAT on services delivered from non-EU nations, a move which will reduce profit margins of companies.

Pantaloon Retail (6.9% up)

The shares of Pantaloon Retail (India) Ltd were up 6.9% on possible value unlocking. The company plans to transfer its value retail business to its wholly owned subsidiary. The value retail business of Pantaloon Retail includes Big Bazaar, Food Bazaar and Fashion @ Big Bazaar.

Asian Electronics (20% up)

The shares of energy-saving lighting equipment maker Asian Electronics gained 20%. The Pune Municipal Corporation is set to open its carbon credits account by January through the use of energy-efficient streetlights and has aligned with Asian Electronics for this.

Everest Kanto (9.65% up)

The Everest Kanto stock gained 9.65% on possibilities of the firm raising funds soon. The company’s board already has passed an enabling resolution to raise up to Rs120 crore. However, the company management had told CNBC-TV18 around a week ago that they will not raise funds at existing prices.

Subros (8.6% up)

Subros gained 8.6% after the company said it expects 15% growth in its air conditioner manufacturing unit after new vehicle launches. Subros sold around 179,462 air conditioner units in the September quarter, against 155,000 units a year ago.